Consensys Seals $3 Billion Metamask Capital Takeover!

ConsenSys, a startup incubator focused on the Ethereum ecosystem based in New York, is raising capital to value the company at $ 3 billion Financial times.

CEO Joseph Lubin

ConsenSys announced in April that it had raised $ 65 million from JPMorgan, Mastercard, UBS and other investors.

This funding marks an important milestone for the 7-year-old company led by Ethereum co-founder Joseph Lubin, a pioneer in the field of blockchain technology. During the crypto winter, Lubin had to cut more than 30% of its workforce at least twice and restructure it last year to outsource its investment arm into a separate organization.

Venture capitalists who invested $ 20.7 billion in crypto startups this year are up more than 160% from the previous record in 2018, according to PitchBook data.

Lubin largely finances ConsenSys himself with his personal assets from ETH, a coin that he has created with Vitalik Buterin since 2015.

MetaMask, an application developed by ConsenSys, is an extremely popular wallet for DeFi programs. Since October 2020, MetaMask has generated a trading volume of over 9 billion US dollars via the swap function, according to data from Dune analysis.

MetaMask charges a 0.875% fee per transaction, representing over $ 78 million in revenue for the same period.

ConsenSys has predicted that MetaMask’s annual revenue could increase to $ 1 billion in the next year. Last month, the company announced that MetaMask has more than 10 million regular users per month.

Several other startups developing applications on Ethereum have recently received high ratings from venture capitalists.

Sky Mavis, the company behind Axie Infinity, recently announced that it had raised $ 152 million in capital under the direction of Andreessen Horowitz and valued the company at $ 3 billion.

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Lu Tuc

According to the Finance Times

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