Software Firm ConsenSys Closes $450M Series D to Further Web3 Developments

Software company ConsenSys, which creates foundational software for Web3, has closed a $450 million Series D funding round, the company announced Tuesday (March 15).

Per the release, ConsenSys’ mission is to “unlock the collaborative power of communities,” making decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs) and decentralized finance (DeFi) “universally easy to use, access and build on.”

The firm added that Web3 adoption has been growing globally, with self-custodial wallet MetaMask now supporting more than 30 million monthly active users, having grown by 42% in the last four months.

The proceeds from this funding round, according to the release, will be converted to ETH to rebalance the ratio of ETH to USD-equivalents, which is ConsenSys’s treasury strategy.

That further adds to ConsenSys’s strategy of maintaining a large treasury of various crypto tokens, which it is using to add to things like DeFi protocols and via staking.

Joseph Lubin, founder and CEO of ConsenSys, said he wants the company to be “able to rapidly capitalize at scale on fundamental new constructs that emerge, such as developer tooling, tokenization, token launches, wallets, security audits, DeFi (1.0, 2.0 and beyond), NFTs, bridges, Layer-2 scaling, DAOs, and more.”

“This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies,” Lubin continued. “This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift.”

PYMNTS wrote that ConsenSys recently acquired ethereum interface MyCrypto, in a setup to collaborate with MetaMask going forward.

See also: ConsenSys Acquires MyCrypto, Teams with MetaMask

The partnership with both companies would end up “combining their efforts under a shared banner to further improve the security of all the products and create a cohesive user experience across desktop, mobile, extension and browser wallets.”