Ethereum’s ConsenSys Could Hit $3B Valuation Amid Funding Rumors

Recent reports have revealed that Consensys, a leading blockchain company, is planning a funding round that would see its valuation cross the $3 billion mark.

Founded in 2014, ConsenSys is a software engineering leader in the blockchain space that not only develops but also invests in both financial infrastructure and decentralized applications (DApps) that are built on the Ethereum network.

The New York-based company, owned by Joseph Lubin, co-founder of Ethereum, has over the years grounded its roots and profited handsomely from the rapidly-growing decentralized finance (DeFi) movement.

According to the Financial Times, the rumored funding round comes five months after Consensys announced that it had raised $65 million from financial services companies JPMorgan, MasterCard, as well as investment banking company UBS amongst others.

The firm used the obtained $65 million to restructure into two parts – a core software business (CSI) and an investment and incubation arm known as Consenssys Mesh.

The latest funding was disclosed by sources with knowledge of the matter, but the report did not disclose the exact amount the company hopes to raise this time.

There is, however, no doubt that the funding project would mark an important milestone for Consensys as the software company has, for the past seven years, taken several steps in expanding its reach further into the Ethereum blockchain.

For instance, in February last year, the company announced plans to merge its existing engineering protocol with the Quorum blockchain to get the best out of both, plans of which were carried out six months later.

Before then, though, it had also officially acquired blockchain infrastructure provider Infura as its own, hoping to become the best choice standard for any developer and application.

ConsenSys is however not the only software company interested in Ethereum. Chinese software company Meitu, known for its large investments in bitcoin and ether, announced in July this year that it now holds much more ether in its portfolio than bitcoin.