JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance

ConsenSys, an Ethereum software company, announced the closing of a $65 million round to “accelerate the convergence” of DeFi and Web3 applications on Ethereum.

The companies that took part in this funding involve J.P. Morgan, Mastercard, UBS, Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research.

“Enterprise Ethereum is a key infrastructure on which we and our partners are building payment and non-payment applications to power the future of commerce,” said Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products and Partnerships at Mastercard.

Other investors include CMT Digital, Greater Bay Area Homeland Development Fund, Quotidian Ventures, and Liberty City Ventures.

Interestingly, several funds invested with Ethereum-based stablecoins, DAI and USDC, read the official announcement by the tech company.

“We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralized and decentralized financial domains at this particularly exciting time of growth for ConsenSys and the entire industry,” said Joseph Lubin, founder of ConsesnSys who co-founded Ethereum. ETH -7.15% Ethereum / USD ETHUSD $ 1,719.40
-$122.94-7.15% Volume 21.05 b Change -$122.94 Open $1,719.40 Circulating 122.02 m Market Cap 209.81 b 7 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 7 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 7 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

The company currently has a headcount of 360 and plans to add another 100 employees by the end of this year.

ConsenSys’ list of products includes MetaMask with over 3 million monthly active users across, more than 150,000 developers use Infura’s APIs, and millions of developers using Truffle to create and deploy smart contracts. Meanwhile, its Protocols group, which develops Hyperledger Besu and Quorum, is building Central Bank Digital Currencies (CBDCs) for six central banks.