Consensys Aims for $3 Billion Valuation in Upcoming Funding Round
Consensys, the Ethereum-based software boutique, is aiming to get a valuation that could reach $3 billion dollars in its upcoming funding round. The company would be taking advantage of the bullish climate the industry is experiencing right now to achieve this important milestone. Also, Consensys is flexing its economic muscle by acquiring Treum, developer of Music NFT service EulerBeats.
Consensys Aims for Billion+ Valuation in Next Funding Round
Consensys, one of the main software providers in the Ethereum ecosystem, is reportedly aiming to achieve a valuation that could reach $3 billion in its upcoming funding round, according to information published by FT. The company, led by Ethereum OG Joseph Lubin, would be aiming to leverage its position in the ecosystem and the brewing bull market to achieve the breakthrough goal.
Consensys provides several iconic software offerings in the Ethereum ecosystem, having developed Infura, a service that eases development and deployment of Ethereum-based apps. Metamask, a ubiquitous defi wallet that was also developed by the firm, is used by more than 10 million active users monthly.
Down and Up Again
But Consensys has not always enjoyed the preference that investors are giving it today. The company has gone through rough times, having to cut part of its workforce just last year during a slump period. However, the rise of the decentralized finance sector and the interest in the future of Ethereum by various heavy-hitting institutional partners have made Consensys rise again as one of the most important software boutiques of the ecosystem.
The latest funding round the company conducted happened in April, when the company raised $65 million from several important companies such as JPMorgan, Mastercard, UBS AG, Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research. At that time the company stated these funds would be used to “accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure.”
However, Consensys is now flexing its economic muscle, as it announced today it has acquired and integrated Treum for an undisclosed amount. The acquisition of Treum, developers of Eulerbeats (an Ethereum-based project of algorithmically generated art and audio tracks), will give the company a new focus related to the NFT market that has boomed during this last year.
What do you think about Consensys’ latest funding round and its recent acquisition of Treum? Tell us in the comments section below.