Tech giant Microsoft is investing in the future of Web3 and the blockchain by backing Ethereum-based software company ConsenSys, joining its latest round of fundraising. ConsenSys enables developers, enterprises, and individuals to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Placing a bet on such a company is the latest sign that Microsoft is serious about the metaverse, Web3, and the next great step forward in technology.
Founded by Ethereum Co-creator Joseph Lubin, ConsenSys raised $450 million in the funding round, driving its valuation past the $7 billion mark. Microsoft joined ParaFi Capital, which led the round, as well as Temasek, Sound Ventures, Anthos Capital, and others. In operation for less than 10 years, ConsenSys has seen massive growth in a short period of time; its previous fundraising effort in November 2021 left the company valued at $3.2 billion.
This isn’t Microsoft’s first step into the next phase of the World Wide Web — its $70 billion purchase of video game developer Activision Blizzard was in part an investment into the metaverse. The “big tech” company is preparing for the largely conceptual platform with strategic investments in blockchain technology, and ConsenSys is working on making it easier to access and build on.