Consensys, the owner of the Metamask wallet, has raised $200 million as it seeks to expand the wallet, the Web3 ecosystem as well as the development of its Infura Blockchain network in the coming months.
The Metamask wallet currently has over 21 million users and was one of the first wallets on Ethereum which has helped it to earn a loyal following from a lot of the Ethereum users and investors as well. It started as a browser extension but now has a mobile version as well with some additional features and upgrades also being added promptly which helps it to stay ahead of the market despite competition from other wallets. It has also been working on building its Infura blockchain which it hopes to build out further using the new funds that have been raised. This round of fundraising pushes its valuation to $3.2 billion and it is expected that it would use these new funds to improve its products and also add around 400 new resources as well.
Joseph Lubin, CEO, ConsenSys, said: “We are honored to partner with some of the top financial and strategic investors from both traditional and next-generation economies to accelerate the realization of Web3. “As our technology crosses into the mainstream, we are already seeing the transformation of how larger and larger cohorts of builders, users, artists, and enterprises live and work.”
Metamask is also used for connecting to a variety of applications that includes NFT marketplaces, blockchain games, and many DeFi applications as well which has also pushed up its userbase. With the advent of Web3 and with more mainstream users onboarding the crypto train, it becomes important for the wallets and other related technologies to upgrade themselves and innovate as well as they get ready to welcome users, many of whom would be technologically challenged. Such users would not only need guidance and training but also very friendly features so that they are attracted to the product and would be able to learn more about the industry. The wallets are most likely the first platforms that new users interact with and it is this that Consensys would be looking to upgrade and innovate upon for Metamask to be the best that it can be.