As Metamask Gains 21 Mn Users, Consensys Raises $200 Mn From HSBC and Third Point
Consensys, a blockchain technology firm, has revealed that it has secured hundreds of millions of dollars in funding from companies such as HSBC and Third Point. HSBC is Europe's biggest bank, whereas Third Point is a $17 billion hedge fund located in the United States.
Consensys Raises $200 Mn From HSBC and Third Point
In a blog post published on Wednesday, Consensys reported the results of their most recent investment round. Marshall Wace, Spartan Group, Coinbase Ventures, HSBC, and Third Point are among the new investors and partners that contributed to the company's $3.2 billion value.
Consensys is focused on developing infrastructure for the Ethereum network to provide access to "Web 3" — the realm of decentralized, internet-native companies. The MetaMask wallet, which has soared in popularity and today has 21 million monthly active users, is one of their most popular products.
Third Point LLC's CEO and Founder, Daniel S. Loeb see an opportunity in the emerging Web 3 ecosystem. Meanwhile, Marshall Wace CEO Amit Rajpal has expressed confidence in Defi and NFTs, noting that he believes in their exponential development potential. Consensys is also striving to promote NFT adoption among content producers, gaming publishers, and artists, in addition to decentralized finance.
Financing the Cryptocurrency Industry
Apart from Consensys, an unprecedented amount of cash has flowed into crypto-centric organizations this year. For instance, FTX, one of the most prominent exchanges, recently raised a hefty and meme-worthy $420.69 million, valuing the company at $25 billion. The investment business of billionaire investor Orlando Bravo was a donor to FTX, and he has said that he will be investing in additional blockchain innovation startups.
The role of HSBC in blockchain development is particularly noteworthy.
Earlier this year, the bank said that it had no intentions to provide a cryptocurrency trading desk to its clients and that it had previously blocked accounts from transmitting cash to cryptocurrency exchanges. Others, like Goldman Sachs, are already dealing in Bitcoin derivatives.