ConsenSys valuation more than doubles to over $7 billion after latest funding

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A representation of cryptocurrency Ethereum is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration

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March 15 (Reuters) - Blockchain technology firm ConsenSys said on Tuesday its valuation had more than doubled to over $7 billion after its latest funding round that included investments from SoftBank Vision Fund 2 (9984.T) and Microsoft (MSFT.O).

ConsenSys, founded by Joseph Lubin, is an Ethereum blockchain firm whose products help developers, enterprises and users build applications geared towards the so-called "Web3" space.

"Web3" is used to describe a potential next phase of the internet: a decentralized web run on the record-keeping technology blockchain.

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The company, which raised $450 million in the latest round, said it would use the funds to expand its MetaMask offering with a redesign, expected to release later this year. MetaMask is a crypto wallet used to buy, sell and swap tokens.

Investors in the new round led by ParaFi Capital also included Singapore's Temasek, Anthos Capital, Sound Ventures and C Ventures.

ConsenSys said it intends to convert all funds from the round to ether (ETH), the second largest cryptocurrency after bitcoin, to rebalance the ratio of ETH to U.S. dollar-equivalents in line with the company's treasury strategy. Lubin has contributed heavily to the development of the cryptocurrency.

ConsenSys, which was valued at $3.2 billion in its last funding round in November, joins a growing list of crypto companies whose valuations have jumped in recent months driven by the explosion of interest in "Web3" and with the launch of marketplaces for non-fungible tokens (NFT).

Earlier this year, "Web3" developer platform Alchemy nearly tripled its valuation to $10.2 billion after a funding round led by Lightspeed and Silver Lake. read more

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Reporting by Manya Saini in Bengaluru and Krystal Hu in New York; Editing by Vinay Dwivedi

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