Blockchain technology firm ConsenSys raises $450 million in a fresh round of funding that more than doubles its valuation to $7 billion, according to a report by CNBC on Tuesday.

  • The cash injection was supported by ParaFi Capital, ConsenSys, with Microsoft, Japan’s SoftBank and Singapore’s Temasek also joining new investors in the company.
  • New York-based ConsenSys was created in 2014 by Joseph Lubin, a co-founder of Ethereum. Ethereum is the blockchain platform behind Ether, the second-largest cryptocurrency.
  • Even though Bitcoin is popular for transactions, Ethereum can be utilized to develop decentralized applications or dApps, but on the blockchain, a shared record-keeping system for crypto transactions.
  • ConsenSys builds software that operates on the Ethereum network. The company had initially led an early-stage investment in Palm NFT studio, a technology firm co-founded by Lubin.

Microsoft’s involvement signals surging interest from the world’s biggest tech firms in Web3, in a push to create a decentralized version of the internet based on blockchain technology. ETH USD down -0.62%