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Date:
14th Apr 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

ConsenSys Raises $65 Million From JP Morgan, MasterCard, and UBS

ConsenSys, a software company spearheading the building of Ethereum, has raised $65 million from, among other investors, JP Morgan and UBS banks. According to the Ethereum development company, funds would be to accelerate DeFi and the deployment of web3 dApps. Over $53 billion is already under management in different DeFi protocols in Ethereum alone as diverse dApps continue to launch from the first smart contracting platform.


Details: 

Ahead of today's Berlin Hard fork, ConsenSys raising $65 million and ETH/USD prices registering a new all-time high above $2.3k is a signal of what's ahead. A few weeks back, Visa—MasterCard's competitor, began settling USDC in Ethereum. Subsequent adoption would lift ETH/USD prices towards $3k, charged by DeFi, NFTs, and the blend of the two.


Impact on the Ethereum price: 

Bullish. Ethereum is readying for Eth2 and several hard forks before the migration. Berlin activates today, further enhancing the network. Meanwhile, the rise of ETH prices draws more activity to DeFi—a sub-sector whose significance continues to grow.


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