JAKARTA – ConsenSys, a blockchain technology startup, received an injection of funding from the technology giant Microsoft. Overall ConsenSys managed to raise funding of US $ 450 million or around Rp. 6.4 trillion.
CNBC reports that ConsensSys has now doubled its valuation to $7 billion in this funding round. The Rp6.4 trillion injection was led by ParaFi Capital, with Microsoft, Japan's SoftBank and Singapore's Temasek joining as new investors in the company.
The New York-based blockchain startup was founded in 2014 by Joseph Lubin, the co-founder of Ethereum. The company designs software that runs on the Ethereum network alongside other blockchain solutions.
The report claims that the investment is a rare “crypto-related bet” by Microsoft. The company previously led an early-stage investment in Palm NFT Studio, another project co-founded with Lubin.
Microsoft's investment in ConsenSys demonstrates the tech giant's growing interest in Web3. They focus on reinventing the internet in a more decentralized way by leveraging blockchain technology and applications.
According to CNBC, Silicon Valley has attracted a huge influx of investment and renewed interest in Web3 over the past year. Citing data from CB Insights, the report states that blockchain-based startups raised a record $25 billion in venture capital funding globally by 2021.
ConsenSys has announced that all proceeds from the latest funding round will be converted to Ethereum. The funds will be used to employ 600 people or more. The startup also intends to use the funds to redesign the MetaMask app and develop a non-fungible token (NFT) business, as reported by CryptoGlobe.
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