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Telecom giant SK group invests $10 million in Joseph Lubin’s ConsenSys

Telecom giant SK group

US-based Blockchain development company ConsenSys raised a cool $10 million from South Korean telecom giant SK Group, according to InWara’s Market Intelligence Platform. This deal also marks the first time, since its founding in 2014, that ConsenSys has raised any funds through private equity sale.

ConsenSys — fueling blockchain development and adoption

The New York-based Blockchain software development company that was founded in 2014 by Joseph Lubin, who is also coincidentally the co-founder of Ethereum. Unsurprisingly, ConsenSys aims to “Harness the power of Ethereum” by building blockchain infrastructure and decentralized applications”.

Interestingly, ConsenSys also has a Venture Funding arm which is dubbed ConsenSys Ventures and has backed several Blockchain and crypto startups including cloud-based Blockchain services provider Kaleido, infura among numerous others.

telecom giant SK group

Source: InWara’s Market Intelligence Platform

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A majority of the blockchain and crypto startups backed by ConsenSys Ventures comes under the broader financial ecosystem — as much as 30% in Financial Services, 20% in Fintech industry. 

Interestingly, since the emergence of Security Tokens, a previously low-liquidity asset class — Art and Collectibles, is gaining significant popularity. As much as 20% of ConsenSys Ventures investment portfolio consisted of startups in this sector. Security tokens enabled the tokenization and fractional ownership of these assets which wasn’t possible earlier. So what are security tokens? Check out Security Token Offering report to know more.

ConsenSys gained recognition for its incredible focus on integrating Blockchain technology into existing enterprise solutions, instead of providing radically novel solutions. This helps make the transition to Web3.0 technology much easier for established institutions.

This could be one of the reasons why South Korean SK group has decided to invest in ConsenSys, as recently South Korea has become a hotbed for Blockchain innovation. For example, South Korean industry giants such as Hyundai and Samsung have recently made forays into the Blockchain and crypto space.

 

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