“Ethereum Is The Clear Winner,” says ConsenSys CEO as MetaMask Users Grow 38x in Last Year
The Ethereum backer also raised $200 million at a $3.2 billion valuation from investors, including hedge fund Third Point and Europe’s largest bank HSBC.
Blockchain technology firm ConsenSys raised $200 million in a fresh fundraising round that gave it a valuation of $3.2 billion. The new capital was from investors, including hedge fund Third Point and HSBC.
Just earlier this year, HSBC, Europe’s largest bank, said that it had no plans to launch a crypto trading desk or offer the asset to customers, and now it is investing in the companies that are building the infrastructure of the crypto ecosystem.
Just six months ago, ConsenSys also raised $65 million from Mastercard and another banking giant, JPMorgan.
New York-based ConsenSys was founded by CEO Joe Lubin, who also co-founded the second largest cryptocurrency Ethereum.
Popular Ethereum wallet MetaMask is one of ConsenSys’s main products, which announced on Wednesday that its monthly active users have now reached 21 million, an increase of 38x from last year.
“ConsenSys’ MetaMask wallet and other tools offer a unique platform for consumers, enterprises, and developers to engage, build, and create on the decentralized web,” said Third Point CEO Daniel Loeb.
There are now more MetaMask users than there ever will be Bitcoin 🦊
Thank you for trusting us to help you access and navigate Web3.
This is only the beginning. pic.twitter.com/3yB17lILQV
— MetaMask (@MetaMask) November 17, 2021
The Ethereum backer that holds a treasury of ETH and other cryptocurrencies said it raised outside funds to facilitate “hyper-growth” and potential acquisitions.
The fresh capital will also be used to make 400 new hires. “There’s a war for talent going on,” ConsenSys Chief Strategy Officer Simon Morris said in an interview, “and we are going to make sure that we can grow our team, acquire some teams, acqui-hire some teams,” to stay competitive on the Ethereum front.
This year, several layer 1 blockchains such as Solana, Polkadot, Cosmos, Avalanche, Fantom, Polygon, BSC, and others have grown their ecosystem and emerged as a strong competitor to Ethereum, but CEO Lubin isn’t really concerned.
SOL 1.99% Solana / USD SOLUSD $ 51.93
$1.031.99% Volume 1.96 b Change $1.03 Open $51.93 Circulating 337.49 m Market Cap 17.52 b 4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 4 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows DOT 2.43% Polkadot / USD DOTUSD $ 10.03
$0.242.43% Volume 862.52 m Change $0.24 Open $10.03 Circulating 987.58 m Market Cap 9.9 b 4 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 5 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 5 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows ATOM 3.02% Cosmos / USD ATOMUSD $ 10.69
$0.323.02% Volume 249.83 m Change $0.32 Open $10.69 Circulating 286.37 m Market Cap 3.06 b 4 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 5 mon Coinbase Cloud wanting to be the “AWS of Crypto,” Amasses $30 Billion in Staked Assets 6 mon “Ethereum Is The Clear Winner,” says ConsenSys CEO as MetaMask Users Grow 38x in Last Year AVAX -3.03% Avalanche / USD AVAXUSD $ 29.71
-$0.90-3.03% Volume 832.37 m Change -$0.90 Open $29.71 Circulating 269.11 m Market Cap 7.99 b 4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet 4 mon Bitcoin Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto FTM 2.89% Fantom / USD FTMUSD $ 0.34
$0.012.89% Volume 307.42 m Change $0.01 Open $0.34 Circulating 2.55 b Market Cap 865.7 m 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 4 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 5 mon ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 MATIC 0.50% Polygon / USD MATICUSD $ 0.65
$0.000.50% Volume 566.7 m Change $0.00 Open $0.65 Circulating 7.95 b Market Cap 5.16 b 4 mon StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet 4 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
“Solana is a wonderful technology,” which will be “important as our ecosystem evolves,” said Lubin in his interview with Bloomberg. But he noted that these platforms like to think of themselves as layer one, but actually, they are “competing with Layer 2 protocols on Ethereum.”
“Ethereum has chosen to focus on decentralization, and that's where you get trust foundation,” while other layer 1s focus on execution rather than security or data availability. “Ethereum is the clear winner in terms of security, decentralization, and trust,” he added.
Talking about ConsenSys' participation in the development of Web 3, CEO Lubin said, they “operate a flywheel where we build a bunch of developer tooling that enables us and our community to build applications on an open-source decentralized global super app” and then in MeatMask they provide the user interface to that super app.