Blockchain technology startup ConsenSys, which was created by Ethereum co-founder\u00a0Joseph Lubin, has raised $450 million in a new round of funding that includes an investment from Microsoft.\u00a0<\/p>\n
According to a report by CNBC, ConsenSys has more than doubled its valuation to $7 billion following this round of funding. The cash injection of $450 million was led by ParaFi Capital, with Microsoft, Japan\u2019s SoftBank, and Singapore\u2019s Temasek joining as new investors in the company.<\/p>\n
The New York-based blockchain startup was founded in 2014 by Joseph Lubin, a co-founder of Ethereum. The company designs software that runs on Ethereum\u2019s network in addition to other blockchain solutions. <\/p>\n
The report claims the investment represents a rare \u201ccrypto-related bet\u201d by Microsoft. The company previously led an early-stage investment in Palm NFT Studio, another project that was co-founded by Lubin.\u00a0<\/p>\n
Microsoft\u2019s investment in ConsenSys demonstrates a growing interest from the tech giant in Web3, which focuses on re-creating the internet in a more decentralized fashion by leveraging blockchain technology and applications.\u00a0<\/p>\n
According to CNBC, Silicon Valley has attracted a massive new wave of investment and interest in Web3 over the last year. Citing data from CB Insights, the report states blockchain-based startups raised a record $25 billion in venture capital funding globally in 2021.<\/p>\n
ConsenSys has announced that all proceeds from the latest round of funding would be converted into ether and would be using towards hiring 600 or more employees. The start-up also intends to use funds for redesigning its MetaMask application and growing its non-fungible token (NFT) business.\u00a0<\/p>\n