Blockchain company ConsenSys announced on Tuesday that it has raised $65 million from leading banks and financial institutions that include J.P. Morgan, Mastercard Inc., and UBS Group AG to fund its plans on growth and global expansion.
Banks (like BNY Mellon) as well as global firms (like Tesla) have either invested directly or indirectly in the blockchain technology. While many are doing it for the gains, others are testing a range of business applications on blockchain. When blockchain first came to light about a decade ago, many people considered it a joke but now it has become the order of the day; the last piece of candy that everyone wants.
The investment in ConsenSys comes at a time when global firms are either integrating or looking for ways to integrate the blockchain technology in their operations. Firms like BNY Mellon, Mastercard, Visa, Tesla, BlackRock and a host of others have already taken steps that involve using blockchain-associated cryptocurrency for investment and transactional purposes.
In August last year, as part of its plans on moving forward and blooming into a global brand, ConsenSyn acquired J.P. Morgan’s marquee blockchain unit, Quorum. The bank also made a strategic investment in the blockchain firm as part of the deal.
ConsenSys was founded by Joseph Lubin who is also one of founders of Ethereum (ETH); second most valuable cryptocurrency according to market valuation. ConsenSys is based in Brooklyn, New York and has additional offices in Washington D.C. and San Francisco. The company was founded in 2014, currently employs over 500 people and has witnessed an astronomical boom since 2017 after cryptocurrency began to make wave.
According to the information on the company’s website, the company’s clientele includes Microsoft, Amazon Web Services, Ernst and Young, Procter and Gamble Co, etc. Last year, the company went through restructuring which separated its primary software business from its investment activities. According to ConsenSys, its protocol group is also building Central Bank Digital Currencies (CBDC) for six central banks.
Apart from the aforementioned firms, other investors that took part of the funding round include Protocol Labs, the Maker Foundation, Fenbushi and the LAO.
The blockchain technology (and extensively cryptocurrency) is here to stay and it takes companies like ConsenSys to ensure that it does.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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