New York-based blockchain software technology company, ConsenSys has announced the successful completion of a $200 million funding round. The round enjoined participation from top investors including Marshall Wace, Third Point, and Think Investments, who contributed alongside existing investors such as Dragonfly Capital, Electric Capital, Spartan Group, Coinbase Ventures, HSBC, DeFiance Capital, and Animoca Brands
The funding round effectively places ConsenSys as a blockchain unicorn with a market valuation of $3.2 billion.
The digital currency ecosystem is fast-growing and attracting a lot of institutional funds for various startups in the space. The products that ConsenSys offer, particularly Metamask, have been considered as one of the key gateways to the growing decentralized finance (DeFi) ecosystem. According to the company, the Monthly Active Users (MAUs) for Metamask grew 38x to 21 million as the demand for DeFi and Non-Fungible Tokens (NFTs) surged.
“There are now more MetaMask users than there ever will be Bitcoin. Thank you for trusting us to help you access and navigate Web3. This is only the beginning,” Metamask said on its Twitter handle.
According to ConsenSys, its ultimate goal is to democratize access to Web3.0, a mission it said it is achieving with privacy and easy access to the Metamask wallet.
Recognizing ConsenSys’ Strides
The successful ConsenSys funding round is largely attributed to the recognition of the startup in its product offerings across the board.
“ConsenSys’ MetaMask wallet and other tools offer a unique platform for consumers, enterprises, and developers to engage, build, and create on the decentralized web,” said Third Point CEO Daniel Loeb.
The company said it is going to embark on a massive recruitment campaign for the best talents to help push its general ecosystem development. This comes off as a general path for most blockchain companies that are being bankrolled by investors, creating a dearth of talents in the blockchain world.
“There’s a war for talent going on,” ConsenSys chief strategy officer Simon Morris said in an interview, “and we are going to make sure that we can grow our team, acquire some teams, acqui-hire some teams,” to stay competitive on the Ethereum front.
Through the funding and its laid-out plans, including its functional partnerships, the blockchain startup hopes to build on its current growth as the entire industry sees a growing influx in the near future.