ConsenSys Gets Big Banks’ Backing in $65 Million Funding Round

ConsenSys, the blockchain company developing enterprise software on Ethereum, has raised $65 million in funding from mainstream financial giants like JPMorgan, Mastercard, and UBS.

Other blockchain-focused venture capitals, including Alameda Research, Protocol Labs, the Maker Foundation, and a few others, also took part in the massive investment round. Tuesday’s announcement further detailed that several funds contributed with Ethreum-based stablecoins, DAI, and USDC.

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ConsenSys, which survived the long crypto winter, has gone through many ups and downs in recent years: from restructuring its business to layoffs. The startup also acquired JPMorgan’s blockchain unit Quorum with assurance from the bank of backing the project.

Institutions are Interested in Blockchain

ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralized protocols like Ethereum,” ConsenSys co-founder Joseph Lubin said in a statement.

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“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.”

Lubin, who is also a co-founder of Ethereum, started ConsenSys with his own funds, which he received from Ethereum.

Though it is not clear how the company will use the fresh proceeds, the funds have strengthened the grounds under the startup. Additionally, it also signifies the mainstream institutions’ interest in the blockchain-based product ecosystem.

“Our investment in ConsenSys adds proven expertise in distributed ledger technology to our UBS Next portfolio,” said Mike Dargan, head of group technology at UBS. “This investment underscores our commitment to working with fintechs and the broader tech ecosystem to shape the future of banking for the benefits of our clients.”