Ethereum Focused ConsenSys Closes $450M Series D Funding Round

Key Insights:

• Consensys closed a $450 million Series D funding round led by ParaFi Capital.
• The deal more than doubles its valuation.
• Ether price broke above a key bearish trend line with resistance at $2,580.

On Tuesday, ConsenSys, an Ethereum-focused and decentralized protocol software firm with products like MetaMask, Infura, and Truffle, announced the closing of a $450-million Series D funding round co-led by ParaFi Capital.

The new participants were the SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures. Since raising $200 million in a Series C financing in November 2021, its value has doubled.

The cash will be used to continue its remarkable expansion in its core infrastructure offerings. ConsenSys will use a portion of the money raised in this round to equalize the proportion of ETH to US dollar equivalent treasury assets.

The firm is looking for opportunities to earn returns on such assets through DeFi (decentralized finance), protocols, and staking.

ConsenSys To Use the Funds To Develop MetaMask Wallet

The fresh funding validates the company’s impressive growth in core infrastructure offerings.

The funds will also be used to enhance MetaMask, with a major overhaul planned for release later this year. 

The introduction of a plugin extensibility system is also planned to enable access to numerous blockchain protocols and account security methods.

In January, ConsenSys’ MetaMask wallet’s monthly usage surpassed 30 million users for the first time, indicating a 42% increase in MetaMask users in just over four months.

ConsenSys founder and Ethereum co-creator Joe Lubin made the following remarks regarding the new funding round,

“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.”

Ether (ETH) Price Analysis

Ethereum’s price started the day positively, reaching a high of $2,733 earlier today. The cryptocurrency was able to establish a foundation above the $2,520 mark.

ETH began a new rally and passed the critical $2,600 and $2,620 resistance levels. There was also a push above the $2,700 mark.

The altcoin king reached as high as $2,790 before correcting. On the other hand, there was a break above a key bearish trend line with resistance at $2,580 on the hourly chart of ETH.

However, the bulls were unable to hold gains above $2,720. The price reached a high of $2,733 before declining sharply.