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Consensys raises $ 65 million from JPMorgan and Mastercard for DeFi projects on Ethereum

The Ethereum incubator, Consensys, announced this Tuesday, April 13, the closing of a financing round of USD 65 million, for the integration in its Web3 application platform and decentralized finance projects (DeFi) in Ethereum.

Investors that participated in this round include companies such as JPMorgan, Mastercard, and UBS, along with blockchain-focused technology startups such as Protocol Labs, the Maker Foundation, Fenbushi, and Alameda Research, according to to a Consensys press release.

Consensys explains that Web3 refers, in the context of Ethereum, to decentralized applications or dApps that run on blockchain platforms.

“Consensys products are the primary access points to the Ethereum network for developers, businesses and consumers, making Web3 more accessible and useful,” says Consensys in this regard.

At the end of August last year, JPMorgan transferred Conse nsys its Quorum business blockchain project, a fact reported by CriptoNoticias. Although details and amounts traded were not disclosed at the time, Ethereum incubator founder and director Joseph Lubin claimed that JPMorgan had made a “strategic investment in Consensys.”

Lubin stated that Consensys partnership with leading financial institutions and cryptocurrency startups would allow “further integration of centralized and decentralized finance, especially at this time of expansion for Consensys and the entire crypto industry.”

In February 2020, Consensys was restructured into two business units. The first, focused on software development around its main products. The second is a financing arm called Consensys Investments.

DeFi platforms, predominantly developed around Ethereum, have risen from USD 844 million in total locked value (TVL) a year ago, to $ 56 billion at the time of writing, according to DeFi Pulse. This represents a growth of 6.535% in 12 months. So far in 2021, the growth in TVL is 250%.

The dApps industry, meanwhile, has grown more than 600% in one year, driven by activity in DeFi and the growth of the non-fungible tokens (NFT) market, according to an analysis published this Tuesday, April 13 by CriptoNoticias.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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