ConsenSys plans funding round at $3 billion valuation

Venture Capital • October 11, 2021, 12:12PM EDT

Ethereum-focused software company ConsenSys is raising again — and this time at a valuation of $3 billion, according to sources familiar with the matter. The Financial Times first reported the news over the weekend.

This latest funding effort comes at a time of considerable growth in the Ethereum space as the use of non-fungible tokens continues to pick up. It also comes at a time of reinvention for the Brooklyn-based firm.

In February of 2020, it underwent a major restructuring that divided its software and investment arms and reduced its staff by 14%. The restructuring saw ConsenSys split into two different companies: a venture firm and a developer of cryptocurrency products. The latest raise is for the latter, according to sources close to the matter.

It's also the second raise in the past six months for ConsenSys. The firm raised $65 million via convertible note, with investors including JPMorgan, UBS, Mastercard, Alameda Research and the Maker Foundation.

In the wake of the raise in April, the firm's Ethereum wallet MetaMask crossed 5 million active users. At the time, MetaMask use had quintupled in six months, according to ConsenSys. The Block's data dashboard shows new address creation on the Ethereum network, which includes providers outside of MetaMask, continues to grow despite declining since April of 2021.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.