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Consensys has successfully raised $65 million in recent funding round. The New York-based app and decentralized software services developer on the Ethereum blockchain got a fresh capital infusion from well-known financial firms Mastercard, UBS, and JPMorgan.
Major firms in the decentralized finance (DeFi) sector also participated in Consensys’ funding round such as the Maker Foundation, Protocol Labs , The LAO, Fenbushi, and Alameda Research, TechCrunch reported. CMT Digital and Greater Bay Are Homeland Development Fund also invested in the developer.
Consensys appears to be veering away from consulting and services towards product and revenue-focused business. For instance, the company earns fees on Metamask wallet’s token swap feature, according to Coindesk. The wallet boasts of over 3 million monthly active users.
The fundraise seems a highly strategic one for the company. With Mastercard’s investment, for instance, ConsenSys has been working with the payments giant on a private permissioned network for finance and commerce.
“Enterprise Ethereum is a key infrastructure on which we and our partners are building payment and non-payment applications to power the future of commerce,” Mastercard executive vice president of digital asset and blockchain products and partnerships Raj Dhamodharan said. “Our investment and partnership with ConsenSys help us bring secure and performant Enterprise Ethereum capabilities to our customers.”
“The round was pretty carefully constructed,” Consensys founder and CEO Joe Lubin said. “It’s almost all strategics, and we intended for them to be in different industries. Some in the traditional economy, some in the decentralized economy, and we also intended for it to be regionally distributed.”
Without revealing the details, Lubin said that it is working on projects with the large financial companies that invested in the round. “We have multi-year commercial arrangements with JPMorgan and Mastercard, and have commercial activity with UBS,” he said.
Consensys previously acquired Quorum from JPMorgan, a move that gave it “a deeper bench into the enterprise blockchain ecosystem,” according to TechCrunch. The acquisition gave Consensys “a very key product suite for the Etherum platform, including products such as Codefi, Diligence, Infura, MetaMask, Truffle, and Quorum.”
Consensys is utilizing Quorum’s enterprise-friendly connection to Ethereum mainnet to launch more services. The MetaMask for Institutions, which allows institutions access to the DeFi ecosystem, is currently in beta and will be rolling out soon.
The company is also positioning itself for tokenization that’s slowly being adopted by businesses worldwide. “Tokenization is happening in the Baseline Protocol, so you can pay for inventory with tokens,” Lubin said. “Invoices on some projects right now are starting to get tokenized. So you can imagine factoring invoices and trading those and in markets. It’s happening relatively quickly
