ConsenSys Eyeing for A $3 Billion Valuation, MetaMask Fuelling the Growth

ConsenSys, a leading blockchain startup offering full-stack enterprise-grade Ethereum solutions, is now eyeing $3 billion valuations. People familiar with the plan briefed¬†Financial Times regarding the same. ConsenSys has recently profited massively with the boom in the decentralized finance (DeFi) space. Besides, it’s been leading the market for creating financial services apps and other automated software programs based on Ethereum. Earlier this year in April, ConsenSys raised $65 million from some of the leading financial giants like Mastercard, JPMorgan, UBS, and others. The startup said that this fundraise was just part of a “formation round”. As FT reports, the next funding round could help fuel the growth for the seven-tear-old ConsenSys. It states: The financing would mark an important milestone for the seven-year-old company led by ethereum co-founder Joseph Lubin, who has weathered several public missteps in his attempts to capitalise on blockchain technology. Lubin has made staff cuts of more than 10 percent at least twice, and ConsenSys restructured last year to split off its investment arm into a separate entity. Furthermore, it would be the right time for ConsenSys to raise more funds since venture capitalists are quite active this year. So far in 2021, venture capitalists have poured $20.7 billion into crypto startups. Metamask fuelling the Growth MetaMask, an app built by ConsenSys has been one of the most popular gateways for crypto investors, to decentralized finance (DeFi). Last year, MetaMask introduced a special feature that allows users to swap pairs of digital tokens. As per the data on Dune Analytics, MetaMask has facilitated more than $8.9 billion in trading through this feature over the last year. On each trade, MetaMask takes 0.875% of fees thus generating more than $78 million in revenues during the same period. For now, MetaMask has more than 10 million monthly users. As per Consensys, the annualized revenue for MetaMask could surge to $1 billion over the next year. The post ConsenSys Eyeing for A $3 Billion Valuation, MetaMask Fuelling the Growth appeared first on Coingape.

Source: ConsenSys Eyeing for A $3 Billion Valuation, MetaMask Fuelling the Growth

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