- Blockchain start-up ConsenSys raised $450 million in a new round of funding that more than doubled its valuation to $7 billion, CNBC reports.
- Joseph Lubin founded ConsenSys. Lubin was also the co-founder of Ethereum, the blockchain platform behind ether, the second-biggest cryptocurrency.
- ConsenSys' most popular products include the MetaMask cryptocurrency wallet and Infura, which help developers create Ethereum apps.
- MetaMask topped 30 million monthly active users in January, up 42% in the last four months. Infura recently topped $1 trillion in annualized transaction volumes.
- ConsenSys would convert the funding proceeds into the ether.
- The funds will help hire 600 more employees, redesign MetaMask slated for release later this year, and build out ConsenSys' growing NFT business.
- ParaFi Capital led the funding round with Microsoft Corp (NASDAQ:MSFT), Japan's SoftBank Group Corp (OTC:SFTBF) (OTC:SFTBY), and Singapore's Temasek joining as new investors.
- Microsoft previously led an early-stage investment in start-up Palm NFT Studio co-founded by Lubin.
- Microsoft's involvement highlights growing interest from the world's largest tech firms in Web3, which refers to efforts to create a decentralized version of the internet based on blockchain technology.
- Price Action: MSFT shares traded higher by 2.88% at $284.82 on the last check Tuesday.
