ConsenSys, an Ethereum-focused and decentralized protocol software firm with products such as MetaMask, Infura and Truffle, announced the close of its $450 million Series D funding round co-led by ParaFi Capital. The company will use some of the money raised in this round to equalize the ratio of the leading altcoin project to US dollar equivalent treasury assets.
ConsenSys to buy ETH for $450 million
ConsenSys, one of the Ethereum developers, is preparing to convert as much as $450 million into ETH, raised from a number of investors, including Microsoft. ConsenSys made the announcement in a blog post:
Proceeds from the round will be converted to ETH. This further enhances ConsenSys’ ultra sound money position prior to Ethereum’s merger with Proof of Stake.
The Ethereum network is set to be deflationary at an estimated rate this summer, with around 0.5% of the total supply received each year, or around 1,000 ETH per day. This was completed after Tuesday’s merger on the testnet to upgrade Ethereum to a full PoS mechanism.
What is the leading altcoin preparing for?
ConsenSys says that Ethereum will be “deployed on DeFi protocols and via staking,” which will yield a range of returns in a year, ranging from around 5% to staking and 2% to 20% on average. “This round takes cryptocurrencies as well as fiat money and instantly converts to ETH,” said Joe Lubin, CEO of ConsenSys. Lubin has been a longtime Ethereum supporter and has been spending his own money building the ecosystem around him since at least 2016.
As Somanews has included in their analysis, Ethereum has had two very volatile months. With a short winter in 2016 and an icy winter in 2018-19, it continues its development with ConsenSys’ team of 700 people.
ConsenSys is headquartered in Brooklyn, New York and is based in Washington, D.C., by Joseph Lubin. and a blockchain software technology company with additional US offices in San Francisco. The company’s goals are involved in many different projects and services for Blockchain uses and applications. Since its founding in 2014, it has been involved in different roles in the development of Blockchain technology.