ConsenSys raises $200m from HSBC and Third Point to fund Web3 vision

Fox - MetaMask / ConsenSys

Fin is a former junior editor at TechForge.

ConsenSys, a leading Ethereum software company, has raised $200 million (£149m) from investors including HSBC and US hedge fund Third Point, bringing its valuation to $3.2 billion (£2.38bn).

The New York-based start-up provides a whole host of products and services for the decentralised Web3 ecosystem, most notably the app and web browser extension MetaMask.

MetaMask allows users to hold, send, and manage digital assets in a flexible wallet that can connect with other blockchain-based applications. The app now welcomes 21 million active users on a monthly basis, a 38-fold increase from this time last year.

ConsenSys’ products are becoming a central part of the burgeoning Web3, a new understanding of the internet where decentralised applications and cryptocurrencies are the driving force.

Third Point CEO Daniel Loeb said: “”ConsenSys’ MetaMask wallet and other tools offer a unique platform for consumers, enterprises, and developers to engage, build, and create on the decentralised web.”

ConsenSys’ developer tools and infrastructure are anchored around the Infura development suite, which is used by 350k developers, including MetaMask and leading DeFi and NFT platforms.

Joseph Lubin, founder and CEO of ConsenSys and co-creator of Ethereum, said the funding will be used to support the rapid expansion of ConsenSys’ products and to add 400 new jobs across its product and service sectors.

Lubin declared: “The age of silos and trusted third parties is giving way to the age of community and collaboration enabled by an automated, objective, trust foundation and a decentralised finance ecosystem.

“The paradigm shift to a world running on decentralised protocols is in full gear. The pace of adoption is now so rapid that we’ve more than doubled many of our core KPIs since this deal was struck over the summer.

“We are honoured to partner with some of the top financial and strategic investors from both traditional and next generation economies to accelerate the realisation of Web3. As our technology crosses into the mainstream, we are already seeing the transformation of how larger and larger cohorts of builders, users, artists, and enterprises live and work.”

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