Ethereum (CCC:ETH-USD) fans are rejoicing today as one of its largest development operations has found a new $65 million in its wallet. Blockchain tech developer ConsenSys is having a good day thanks to some institutional investments, and the result is bolstering the pre-IPO company and its crypto partner.
ConsenSys has found its niche in developing infrastructure around cryptocurrency. The company works on the Ethereum network, and it has made a name for itself in both expediting the infrastructure around Ethereum trading, and in offering more foolproof security measure to the blockchain.
Today, ConsenSys is celebrating a new cash injection to the tune of $65 million. The money comes primarily from JPMorgan (NYSE:JPM), Mastercard (NYSE:MA) and UBS (NYSE:UBS).
The Mastercard investment is particularly interesting, as the company has also signed a partnership deal with ConsenSys. According to Mastercard, the funding and partnership are to get Mastercard assistance in exploring centralized bank digital currencies. ConsenSys already works in centralized bank cryptos, and has supported projects with centralized Thai and French banks.
The funding is the first that the company has seen come from an outside source. The news can be seen as another legitimizing step for the future of blockchain technology, as investment institutions and financial service providers alike are aiming for their slice of the pie.
Ethereum Gets a Boost After ConsenSys Funding Round
One of the biggest winners to come from this news is Ethereum itself. ConsenSys is the largest supporter of the Ethereum blockchain. So, any funding for ConsenSys means it will likely go into beefing up the Ethereum blockchain. As such, Ethereum’s ETH token has seen an 8% gain today. The crypto is currently changing hands at about $2,300 per coin.
Any way you look at it, the news is doing wonders for ConsenSys right now. There is a ton of speculation flying around about what products the company has up its sleeve and just how valuable the company truly is. However, we’ll just have to wait and see.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.
