Consensys, the Ethereum-based software store, is targeting a valuation that could reach $ 3 billion in its next round of funding. The company would take advantage of the bullish climate the industry is currently experiencing to reach this important milestone. In addition, Consensys extends its economic strength by acquiring Treum, developer of the Music NFT EulerBeats service.
Consensys aims for a valuation of more than one billion in the next funding cycle
Consensys, a major software vendor in the Ethereum ecosystem, reportedly aims to achieve a valuation that could reach $ 3 billion in its next funding round, according to reports. published by FT. The company, led by Ethereum OG Joseph Lubin, is said to aim to leverage its position in the ecosystem and in the brewing bull market to achieve the breakthrough goal.
Consensys provides several iconic software offerings in the Ethereum ecosystem, having developed Infura, a service that facilitates the development and deployment of Ethereum-based applications. Metamask, a ubiquitous challenge wallet that was also developed by the company, is used by over 10 million active users every month.
Down and up again
But Consensys has not always benefited from the preference that investors give it today. The company has gone through difficult times, having had to lay off part of its workforce last year during a downturn. However, the rise of the decentralized finance industry and the interest in the future of Ethereum by various high-impact institutional partners have made Consensys one of the most important software stores in the ecosystem.
The most recent round of company-led funding was in April, when the company raised $ 65 million from several large companies including JPMorgan, Mastercard, UBS AG, Protocol Labs, the Maker Foundation, Fenbushi, The LAO and Alameda Research. At that time, the company declared these funds would be used to “accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with the enterprise blockchain infrastructure”.
However, Consensys is showing economic strength, as it announced today that it has acquired and Integrated Treum for an undisclosed amount. The acquisition of Treum, developer of Eulerbeats (an Ethereum-based project of algorithmically generated artistic and audio tracks), will give the company a new direction related to the NFT market which has exploded over the past year.
What do you think of the latest funding round by Consensys and its recent acquisition of Treum? Tell us in the comments section below.
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