ConsenSys is a

blockchain A blockchain is a type of distributed ledger technology (DLT) that consists of growing lists of records, called ''blocks'', that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, ...

software technology company founded by Joseph Lubin and based in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...

History

Joseph Lubin founded ConsenSys in early 2015 as a software foundry to develop decentralized software services and

applications Application may refer to: Mathematics and computing * Application software, computer software designed to help the user to perform specific tasks ** Application layer, an abstraction layer that specifies protocols and interface methods used in a c ...

that operate on the

Ethereum Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether ( Abbreviation: ETH; sign: Ξ) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market cap ...

blockchain. On October 31, 2018, ConsenSys acquired

Planetary Resources Planetary Resources, Inc., formerly known as Arkyd Astronautics, was an American company that was formed on 1 January 2009,ARKYD Astronautics Founded http://www.planetaryresources.com/2009/01/draft-arkyd-astronautics-founded/ and reorganized an ...

, an

asteroid mining Asteroid mining is the hypothetical exploitation of materials from asteroids and other minor planets, including near-Earth objects. Notable asteroid mining challenges include the high cost of spaceflight, unreliable identification of asteroi ...

company. In December 2018, ConsenSys announced a restructuring with projected layoffs of thirteen percent of its 1,200 staff, and in February 2020 announced the layoffs of a further 14% of staff. In August 2020, ConsenSys acquired Quorum from JPMorgan Chase & Co. Financial terms of the deal were not disclosed. In November 2021, ConsenSys raised $200 million at $3.2 billion valuation from Animoca Brands, Coinbase Ventures and

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

among others. In March 2022, ConsenSys raised $450 million in a new round led by ParaFi Capital, with

Microsoft Microsoft Corporation is an American multinational corporation, multinational technology company, technology corporation producing Software, computer software, consumer electronics, personal computers, and related services headquartered at th ...

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, and Temasek also joining as new investors in the company.

Projects

ConsenSys is involved in many different projects and services for

uses and applications. MetaMask is an Ethereum wallet application which allows users to store and transfer

cryptocurrencies A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It ...

and tokens, as well as access and interact with decentralized applications built on the Ethereum blockchain. The software is free to use on desktop as a

browser extension A browser extension is a small software module for customizing a web browser. Browsers typically allow a variety of extensions, including user interface modifications, cookie management, ad blocking, and the custom scripting and styling of web pa ...

or through its mobile app. Infura is a blockchain node infrastructure service that allows apps and developers to get data from, and broadcast transactions to, the Ethereum blockchain. Infura's network is utilized as a backend for Ethereum services and applications, including MetaMask and many others not associated with ConsenSys. The company has started or invested in several different projects that are not considered to be core to their business, have been spun out into more independent entities, or are not wholly owned by ConsenSys. Some of these include ''Meridio,'' a platform used to create, manage, and trade fractional-share ownership in real estate assets, and ''Gnosis,'' a blockchain-based predictions marketplace.

ICOs

Several ConsenSys companies and projects have raised capital from the public in the form of

initial coin offering An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cr ...

s (ICOs). ''Gnosis'', a ConsenSys-backed prediction market project sold GNO tokens to the public in an ICO in April 2017. The company raised $12.5 million at $300 million valuation, completing its ICO in under 12 minutes. The valuation was criticized by several prominent members of the community. ''Grid+'', a ConsenSys company in the electricity distribution niche sold GRID tokens to the public in an ICO in September 2017. The company raised $29 million in the public token sale. ''Civil Media'', a ConsenSys-backed company that claims to use cryptocurrency to save journalism sold CVL tokens to the public in an ICO in October 2018. Civil was able to raise $1.8 million, less than the $8 million soft cap. It was later revealed that ConsenSys was the largest buyer of CVL tokens, buying 80% of the CVL tokens that went on sale. Virtue Poker is a ConsenSys-incubated company that uses the unique features of blockchain technology, in conjunction with peer-to-peer networking, to provide a safe and honest environment in which to play online poker.They raised 18 million dollars in the 2018 ico boom.

Controversies

Consensys has been involved in several controversies and lawsuits during the past few years. This includes a High Court challenge in Ireland against the ruling of the Workplace Relations Commission.

References

External links

* {{Official website, https://www.consensys.net/ Blockchain entities Companies based in Brooklyn Ethereum Software companies based in New York City