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

ConsenSys, the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company developing enterprise software on Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, 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. Additionally, Tuesday’s announcement detailed that several funds contributed to Ethreum-based stablecoins, DAI and USDC.

ConsenSys, which survived the long crypto winter, has been quite volatile in recent years: from restructuring its business to layoffs. Moreover, the startup 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.

“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. Furthermore, it 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.”