Blockchain agency ConsenSys raises $65 million from JP Morgan, others

Blockchain expertise agency ConsenSys stated on Tuesday it had raised $65 million from main banks and monetary companies companies together with JP Morgan, Mastercard Inc and UBS Group AG to fund its development and world enlargement.

Blockchain emerged over a decade in the past because the expertise powering cryptocurrency transactions. Since then, banks and different massive companies have been investing thousands and thousands of {dollars} to develop and check a variety of enterprise functions utilizing blockchain.

The newest funding comes at a time finance companies together with BNY Mellon, BlackRock Inc and Mastercard Inc are taking steps to make larger use of cryptocurrencies for investment and fee functions.

ConsenSys acquired JPMorgan‘s marquee blockchain unit, Quorum, in August final yr. As a part of the deal, the financial institution additionally made a strategic funding in ConsenSys.

Brooklyn-based ConsenSys is a outstanding blockchain startup that grew quickly throughout the 2017 crypto bubble. It was based by Joe Lubin, one of many co-founders of ethereum, the world’s hottest cryptocurrency after bitcoin.

ConsenSys underwent a restructuring final yr to separate its core software program enterprise from its funding actions arm.

The firm’s purchasers embrace Microsoft Corp, Amazon Web Services, Ernst and Young and Procter & Gamble Co , its web site confirmed.

ConsenSys’ protocols group can also be constructing Central Bank Digital Currencies for six central banks, the corporate stated.

Other traders who participated within the funding spherical embrace blockchain corporations Protocol Labs, the Maker Foundation, Fenbushi and The LAO.

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