The Ethereum hub is evolving. ConsenSys has just made some big moves in the blockchain space, singing multiyear commercial agreements with JPMorgan and Mastercard.
Commercial activity is also happening with UBS, according to founder Joe Lubin.
Known as Ethereum’s biggest supporter, ConsenSys is coming off a carefully constructed funding round. The firm, headquartered in Brooklyn, NY, has raised $65 million from financial institutions JPMorgan, Mastercard and UBS, as well as leading firms in the decentralized finance (DeFi) space.
In fact, the firm has now been successfully restructured into two parts — a core software business (CSI) and an investment and incubation arm known as ConsenSys Mesh.
Lubin said in an interview:
“The round was pretty carefully constructed. It’s almost all strategics, and we intended for them to be in different industries. Some in the traditional economy, some in the decentralized economy, and we also intended for it to be regionally distributed.”
The boss did not go into detail about what was being built with the large financial institutions that invested in the round
But the firm is well positioned to build the infrastructure needed to make institutional DeFi a reality.
ConsenSys was already on good terms with JPMorgan. It brokered a deal with the US bank last year to acquire Quorum, an enterprise focused Ethereum client that now forms an inhouse software stack of Codefi, Diligence, Infura, MetaMask, and Truffle.
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