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Ethereum blockchain software company ConsenSys could be on the brink of closing a funding deal that would give the company a valuation of $3 billion, the Financial Times (FT) reported.
ConsenSys announced in an April press release that it had raised $65 million from investors J.P. Morgan, Mastercard, UBS and others in what the company called a “formation round.”
Headquartered in New York and founded in 2014 by Ethereum Co-Founder Joseph Lubin, ConsenSys develops and invests in projects built on the Ethereum blockchain, according to the report. The platform is a competitor to bitcoin and can be used to develop apps for financial services.
The digital asset most closely aligned with Ethereum is ether, which Lubin used as the central source of funding to launch ConSenys, the report stated.
The company is also the developer of MetaMask, a fast-growing gateway to decentralized finance (DeFi) programs. MetaMask is projected to bring in some $1 billion in revenue within the upcoming 12 months, according to FT.
MetaMask launched MetaMask Institutional in December to bring increased DeFi exposure to crypto funds, market-makers and trading desks, according to a Tuesday (Oct. 5) press release. The institutional version of MetaMask integrates institution-compliant custody, operational, risk, and other compliance features.
Since it was launched last year, MetaMask has handled over $8.9 billion in trades via a special feature that enables people to exchange digital tokens, according to the report.
“MetaMask Institutional’s focus is to provide unrivaled access to DeFi even in the face of rigorous institutional requirements,” said Johann Bornman, product lead for MetaMask Institutional, per the Tuesday release. “Qualified custodians and custody technology play a fundamental part in these requirements.”
Read also: Crypto Wallet MetaMask Surpasses 10M Monthly Active Users
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