ConsenSys Is Seeking $200 Million in New Funding: Report

April 16, 2019
127 Views

ConsenSys is seeking a funding boost.

Ethereum co-founder Joe Lubin’s Brooklyn-based venture studio is looking to raise $200 million from external investors, The Information reported Monday, at a valuation of $1 billion.

The Information reports that ConsenSys is pitching Chinese investors with materials claiming the company aims to earn $50 million in revenue this year, primarily from contracts with enterprise and government clients. Last December, the Brazilian National Social Development Bank confirmed to CoinDesk it was in talks with ConsenSys.

ConsenSys was previously supported by Lubin’s personal fortune and employed up to 1,200 people in 2018. When the price of ethereum plummeted after the 2017 token boom fizzled, ConsenSys laid off 13 percent of its staff. Following a late-2018 re-organization dubbed “ConsenSys 2.0,” it became clear that partnerships with traditional, external investors were a priority.

Several former staffers told CoinDesk in January 2019 that more cuts were on the horizon.

The Information now reports that ConsenSys brought in “just $21 million in revenue in 2018.” It’s unclear how that income relates to the various startups under the ConsenSys umbrella. Several projects are seeking to raise capital on their own as independent startups, multiple sources tell CoinDesk.

A ConsenSys spokesperson declined to comment.

ConsenSys founder Joe Lubin image via CoinDesk archives

https://www.coindesk.com/consensys-is-seeking-200-million-in-new-funding-report

You may be interested

How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming
Bitcoin
23 views
Bitcoin
23 views

How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming

btcethereumadmin - July 21, 2019

Online casinos and betting sites have proliferated since the first of their kind came on the scene in 1994. Thanks…

Crypto Bullishness Spreads on Capitol Hill
Bitcoin
22 views
Bitcoin
22 views

Crypto Bullishness Spreads on Capitol Hill

btcethereumadmin - July 21, 2019

U.S. Congress has shown that it is starting to care about cryptocurrency as a number of lawmakers spoke up in…

Using the Awesome Oscillator to Find Bitcoin Buy and Sell Signals
Crypto News
28 views
Crypto News
28 views

Using the Awesome Oscillator to Find Bitcoin Buy and Sell Signals

btcethereumadmin - July 21, 2019

Few trading tools are as simple and as elegant as the “Awesome Oscillator.” First developed by American trader Bill Williams,…

Leave a Comment

Your email address will not be published.