Consensys, the Ethereum-based software store, is targeting a valuation that could reach $ 3 billion in its next round of funding. The company would be taking advantage of the bullish climate the industry is experiencing right now to achieve this important milestone. In addition, Consensys expands its economic strength by acquiring Treum, developer of the Music NFT EulerBeats service.
Consensys Aims for Billion+ Valuation in Next Funding Round
Consensys, one of the main software providers in the Ethereum ecosystem, is reportedly aiming to achieve a valuation that could reach $3 billion in its upcoming funding round, according to information published by FT. The company, led by Ethereum OG Joseph Lubin, is said to aim to leverage its position in the ecosystem and in the brewing bull market to achieve the breakthrough goal.
Consensys provides several iconic software offerings in the Ethereum ecosystem, having developed Infura, a service that eases development and deployment of Ethereum-based apps. Metamask, a ubiquitous challenge wallet that was also developed by the company, is used by over 10 million active users every month.
Down and Up Again
But Consensys has not always enjoyed the preference that investors are giving it today. The company has gone through rough times, having to cut part of its workforce just last year during a slump period. However, the rise of the decentralized finance industry and the interest in the future of Ethereum by various high-impact institutional partners have made Consensys one of the most important software stores in the ecosystem.
The latest funding round the company conducted happened in April, when the company raised $65 million from several important companies such as JPMorgan, Mastercard, UBS AG, Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research. At that time, the company said these funds would be used to “accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure.”
However, Consensys is now flexing its economic muscle, as it announced today it has acquired and integrated Treum for an undisclosed amount. The acquisition of Treum, developer of Eulerbeats (an Ethereum-based project of algorithmically generated artistic and audio tracks), will give the company a new direction related to the NFT market which has exploded over the past year.
