Author: Finextra

FS giants join $65m ConsenSys funding round

JP Morgan, Mastercard and UBS have joined a $65 million funding round for blockchain software engineering firm ConsenSys. Blockchain companies Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research also joined the round.

ConsenSys says it will use the funding to “accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure”.

The round comes after a busy year that has seen ConsenSys restructure to form a core software business and a separate section, called ConsenSys Mesh, consisting of an investment arm, incubator and portfolio.

Last summer, the company also acquired Quorum, the enterprise-variant of the Ethereum blockchain developed by JP Morgan.

Quorom, along with Codefi, Diligence, Infura, MetaMask and Truffle, give the company a range of products that are the “primary points of access to Ethereum for developers, enterprises, and consumers,” claims the firm.

Joseph Lubin, founder of ConsenSys and co-founder of Ethreum, says: “ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralized protocols like Ethereum.

“We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralized and decentralized financial domains at this particularly exciting time of growth for ConsenSys and the entire industry.”

Raj Dhamodharan, EVP, digital asset and blockchain products and partnerships, Mastercard, adds: “Our investment in ConsenSys will enable us to fast-track our blockchain innovation and support a growing number of customers that are actively developing applications on Enterprise Ethereum and leveraging open-source technologies and communities.”

Source: Finextra

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