Microsoft’s web3 plans now includes Ethereum co-founder’s startup ConsenSys

• Microsoft is one of the new investors behind ConsenSys' new $7 billion valuation.
• The tech giant is solving for web3 in a race against Facebook-parent Meta, Google, Twitter and others.
• The development comes after MIcrosoft acquired Activision Blizzard for $69 billion.

Microsoft is racing against the likes of Facebook-parent Meta, Google,Twitter and other tech giants to get a foothold in the world of blockchain. And, now it’s added blockchain startup ConsenSys to its war chest.

The platform headed by the Ethereum co-founder Joseph Lubin has snagged $450 million in a new round of funding, which has more than doubled the startup’s valuation to $7 billion. The influx of new capital was led by ParaFi Capital with Microsoft, SoftBank and Temasek joining the ranks as new investors.

The funds will be used to onboard 600 employees and build out ConsenSys’ non-fungible token (NFT) business.
Microsoft’s web3 puzzle
Microsoft joined hands with ConsenSys last year in May when it retired Azure’s blockchain services. Instead, it started directing clients towards the Consensys. Both companies have been working together since to offer their users Quorum Blockchain Service.

The tech giant also shelled out $69 billion to acquire video game maker Activision Blizzard, the creator of games like Call of Duty (CoD) and Warcraft, to secure its stake in the potential of the metaverse – the biggest deal in the world of gaming till date.

It also has its fingers in Polkadot, another smart contract platform and Ethereum competitor, through the Astar Network.
What is ConsenSys?
ConsenSys, founded in 2014, develops software that runs on the Ethereum network. The company saw a surge in growth alongside the hype in decentralised finance (DeFI), NFTs, the metaverse, web3 and other aspects of crypto over the last one year.

Consensys is the same powerhouse behind the creation of the MetaMask, the most popular cryptocurrency wallet in the world. It also launched Infura, a suite of tools that helps developers create applications for the Ethereum network.

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