Ethereum (ETH)-focused software company ConsenSys is said to be raising funding in a move that could bring the firm’s value to some USD 3bn, the Financial Times reported, citing undisclosed sources briefed on the plans.
While ConsenSys did not officially acknowledge its plans, should they be confirmed, the financing would represent a significant milestone for the New York-based company. It could also expand the personal fortune of Ethereum Co-founder and ConsenSys Founder Joseph Lubin.
Last April, ConsenSys unveiled it had raised about USD 65m from a group of investors that included JPMorgan Chase, Mastercard, UBS, and other major finance industry players in what the firm called “a formation round”.
Then last August, ConsenSys announced that MetaMask, its mobile app and browser extension that functions as a crypto wallet, reached more than 10m monthly active users, providing them with access to the decentralized web where they can swap tokens, borrow, lend, mint and buy non-fungible tokens (NFTs), play games, and perform other activities. Over a one-year period, MetaMask grew more than 1,800%, according to the company.
With this rapid growth in mind, ConsenSys is forecasting that annual revenues from MetaMask could expand to USD 1bn within the next year, said a person briefed on the numbers.
In addition to organic growth, the company has also been growing its business through acquisitions. In August 2020, ConsenSys announced it was taking over Quorum, an enterprise blockchain unit developed by JPMorgan Chase. Quorum was launched in 2016, and since then, the investment banking giant used it in a number of projects, including its messaging network for cross-border payments, the Interbank Information Network (IIN). Following the acquisition, ConsenSys merged its existing roadmap with Quorum.
Source: Cryptonews
