The blockchain software development company forecasts a revenue of $60M in 2021. Here are the top-line bullets you need to know.
ConsenSys, which offers integrated Ethereum technology solutions, has raised $65M via a convertible note. The round was backed by JPMorgan, Mastercard, and UBS, as well as other investment firms and crypto companies.
How’s the company performing?
- New York City-based ConsenSys develops blockchain infrastructure and applications, offering a suite of products (Codefi, Diligence, Infura, MetaMask, Truffle, and Quorum) that enable enterprises and developers to “access and build on Ethereum.”
- MetaMask, ConsenSys’ decentralized finance (DeFi) solution, caters to 3M monthly active users, while over 150,000 developers use Infura’s APIs. The company says it expects its revenue to double to $60M in 2021.
- ConsenSys has been helping Australia, France, Hong Kong and Thailand develop their own central bank digital currencies.
- Last year, ConsenSys restructured its business operations to form two main arms – “ConsenSys,” its blockchain technology business, and “ConsenSys Mesh,” its investment arm and incubator.
- ConsenSys recently acquired Quorum, an enterprise-centric Ethereum solution from JPMorgan, which is currently part of ConsenSys’ in-house offerings.
- The company’s customers include Microsoft, Amazon Web Services, Ernst & Young, and Procter & Gamble, among others.
Why does the market matter?
- Annual spending on blockchain solutions is projected to reach nearly $31B by 2024, according to CB Insights’ Market Sizing Tool.
- Ethereum has several advantages over other blockchain cryptocurrencies, like its smart contract technology, which make it a growth vector for the market.
- Major financial services companies are partnering with Ethereum blockchain solution providers, since the technology enables cross-border payments that are less expensive and faster as compared to traditional systems, which is accelerating the demand for the market.