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JPMorgan and Mastercard invest $65 million in Ethereum

The software company focused on the Ethereum network, ConsenSys, announced on Tuesday (13) that it has completed its financing round. In total, $65 million was raised.

JPMorgan and Mastercard invest $65 million in Ethereum

JPMorgan and Mastercard invest $65 million in Ethereum (Image: InvestorPlace)

The round was led by traditional financial services giants such as JPMorgan, Mastercard and UBS.

According to ConsenSys, the investment will be aimed at accelerating the convergence of decentralized financial applications (DeFi) and Web3 in Ethereum.

As the company informed in a press release, the amount was collected via convertible notes. In addition to the institutions already mentioned, leading blockchain companies, including Protocol Labs, Maker Foundation and Alameda Research, participated in the round.

According to ConsenSys, 2020 was a period of evolution and strategic growth. Last year, the company underwent a restructuring and also acquired Quorum from JPMorgan.

The company now plans to accelerate conventional Web 3.0 adoption. To this end, it is focused on marketing its platforms as distribution channels for the main DeFi protocols. In this way, ConsenSys intends to boost the convergence of traditional and decentralized finance.

Raj Dhamodharan, executive vice president of digital assets at Mastercard, said Enterprise Ethereum is a key infrastructure for building payment applications to drive the future of commerce.

“We are fulfilling our multimarket strategy with a focus on digital currencies, including our work in support of central banks in the exploration of CBDCs.”

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