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MetaMask creator ConsenSys scoops up $450M Series D round led by ParaFi Capital

MetaMask creator ConsenSys scoops up $450M Series D round

Funding News

MetaMask creator ConsenSys scoops up $450M Series D round led by ParaFi Capital

Crypto developer ConsenSys, which owns the popular Ethereum-based MetaMask wallet, announced the close of a $450 million financing round, bringing its valuation to over $7 billion. ParaFi Capital led this raise after participating in ConsenSys’ Series C round in November 2021.

They were joined by new investors, including Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures. Series C investors — Third Point, Marshall Wace, TRUE Capital Management, and UTA VC, United Talent Agency’s venture fund — also participated in this round. Sullivan & Cromwell LLP acted as ConsenSys’ legal advisor in this transaction. The firm’s new valuation coincides with its flagship Ethereum wallet and browser extension, MetaMask, reaching over 30 million monthly active users

Founded in 2014, ConsenSys has been a pioneer in creating the foundational software for the next wave of the internet, Web3. Our mission is to unlock the collaborative power of communities by making DAOs, NFTs, and DeFi universally easy to use, access, and build on.

The acceleration of Web3 adoption globally is also illustrated by the rise of leading self-custodial wallet, MetaMask, which now supports more than 30 million Monthly Active Users (MAUs), growing 42% in four months. A global user base relies on MetaMask to mint and collect NFTs, join DAOs, and participate in DeFi protocols. The United States, the Philippines, Brazil, Germany and Nigeria represent some of MetaMask’s most active markets.

All Proceeds from the round will be converted to ETH to rebalance the ETH to USD-equivalents ratio in line with ConsenSys’ treasury strategy. This further builds ConsenSys’ “ultra sound money” position in advance of Ethereum’s upcoming merge to Proof of Stake. ConsenSys has long maintained a significant treasury of ETH, stablecoins and other crypto tokens, and is actively using its own financial infrastructure, such as MetaMask Institutional and Codefi Staking, to put these assets to work in DeFi protocols and via staking.

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Joseph Lubin, Founder and CEO of ConsenSys said, “I think of ConsenSys as a broad and deep capabilities machine for the decentralized protocols ecosystem, able to rapidly capitalize at scale on fundamental new constructs that emerge, such as developer tooling, tokenization, token launches, wallets, security audits, DeFi (1.0, 2.0 and beyond), NFTs, bridges, Layer-2 scaling, DAOs, and more. This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies. This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native and contributing ETH as a symbol of and commitment to the ongoing paradigm shift.”

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