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

Blockchain expertise firm ConsenSys mentioned on Tuesday it had raised $65 million from main banks and monetary providers corporations together with JP Morgan, Mastercard Inc and UBS Group AG to fund its development and world growth.

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

The newest funding comes at a time finance corporations 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 distinguished 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 shoppers 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 mentioned.

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

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