ConsenSys Eyeing for A $3 Billion Valuation, MetaMask Fuelling the Growth

By Bhushan Akolkar
Published October 11, 2021 Updated October 11, 2021
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ConsenSys Eyeing for A $3 Billion Valuation, MetaMask Fuelling the Growth

By Bhushan Akolkar
Published October 11, 2021 Updated October 11, 2021

ConsenSys, a leading blockchain startup offering full-stack enterprise-grade Ethereum solutions, is now eyeing $3 billion valuations. People familiar with the plan briefed Financial Times regarding the same.

ConsenSys has recently profited massively with the boom in the decentralized finance (DeFi) space. Besides, it’s been leading the market for creating financial services apps and other automated software programs based on Ethereum.

Earlier this year in April, ConsenSys raised $65 million from some of the leading financial giants like Mastercard, JPMorgan, UBS, and others. The startup said that this fundraise was just part of a “formation round”. As FT reports, the next funding round could help fuel the growth for the seven-tear-old ConsenSys. It states:

The financing would mark an important milestone for the seven-year-old company led by ethereum co-founder Joseph Lubin, who has weathered several public missteps in his attempts to capitalise on blockchain technology. Lubin has made staff cuts of more than 10 percent at least twice, and ConsenSys restructured last year to split off its investment arm into a separate entity.

Furthermore, it would be the right time for ConsenSys to raise more funds since venture capitalists are quite active this year. So far in 2021, venture capitalists have poured $20.7 billion into crypto startups.

Metamask fuelling the Growth

MetaMask, an app built by ConsenSys has been one of the most popular gateways for crypto investors, to decentralized finance (DeFi). Last year, MetaMask introduced a special feature that allows users to swap pairs of digital tokens.

As per the data on Dune Analytics, MetaMask has facilitated more than $8.9 billion in trading through this feature over the last year. On each trade, MetaMask takes 0.875% of fees thus generating more than $78 million in revenues during the same period.

For now, MetaMask has more than 10 million monthly users. As per Consensys, the annualized revenue for MetaMask could surge to $1 billion over the next year.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
768 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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