Ethereum software leader ConsenSys has doubled its valuation in less than four months following a $450 million (£344m) Series D round of funding.

Known for products such as MetaMask, CodeFi, and Infura, the New York-based start-up is charting an astronomical takeover of the Web3 ecosystem.

Back in January, MetaMask, a token wallet and exchange offered as a browser extension or mobile app, surpassed 30 million monthly users. Meanwhile, its Ethereum development platform, Infura, supports more than $1 trillion of annual on-chain transaction volume with nearly half a million developers.

The latest round was led by ParaFi Capital with new investment from Microsoft, Softbank Vision Fund 2, Temasek, and more. Last valued at $3.2 billion (£2.45bn) following a Series C in November 2021, the company now boasts a $7 billion (£5.35bn) valuation.

ConsenSys plans to use the funds to support the hiring of more than 600 new employees globally, roll out new MetaMask features, and rebalance the ETH-USD ratio in its treasury.

Joseph Lubin, founder and CEO of ConsenSys, had this to say: “I think of ConsenSys as a broad and deep capabilities machine for the decentralised protocols ecosystem, able to rapidly capitalise at scale on fundamental new constructs that emerge. This view has resonated with our crypto native and growth investors in a Series D that will enable us to execute powerful growth strategies.

This round takes in digital assets as well as fiat and converts immediately to ETH. Next round will be our ‘Series ETH’ where we will assist investors in getting fully crypto native to contribute ETH as a symbol of and commitment to the ongoing paradigm shift.”

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