ConsenSys, the Ethereum-focused software firm, has raised $65 million from a group that includes two major banks, a top financial services firm and several digital asset industry startups and investors.

•  ConsenSys has raised $65 million in new funding.
• Among those backing the Ethereum-focused company are JPMorgan, Mastercard , UBS, and several investment firms in the crypto space

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JPMorgan is one major contributor to the funding round, which was confirmed last year in August. That same month JPM also acquired Quorum, the Wall Street Bank’s blockchain unit. The company is an internal blockchain network developed within the bank built on the Ethereum tech tack.

UBS and Mastercard also took part in the Tuesday’s $65 million funding round, as well as Alameda-owned-FTX, Protocol Labs, Fenbushi, the Maker Foundation, The LAO, Liberty City Ventures, the Greater Bay Area Homeland Development Fund and Quotidian Ventures.

The $65 million round was raised via a convertible note.

In a statement, Joe Lubin said in a statement: “When we set out to raise a round, it was important to us to patiently construct a diverse cap table, consistent with our belief that similar to how the web developed, the whole economy would join the revolutionaries on a next generation protocol“.

The participation of the Greater Bay Area Homeland Development Fund and private and state-owned Chinese companies is notable. In January, the firm announced that it was partnering with the Blockchain Service Network (BSN) by integrating with Quorum.

The investment round shows a broad trend in which investors are as eager to bet on tech-focused firms as they are on digital asset investment services.

Head of group technology for UBS, Mike Dargan, said: “Our investment in ConsenSys adds proven expertise in distributed ledger technology to our UBS Next portfolio.” He continued: “This investment underscores our commitment to working with fintechs and the broader tech ecosystem to shape the future of banking for the benefits of our clients.”

Meanwhile, ConsenSys appears to have pivoted following a period of reorganisation follow a round of layoffs after a staff cut in December 2018.

“The business is focused on two goals: providing developer tools and infrastructure for the developer, decentralized finance, and startup communities; and helping enterprises in the financial services, trade finance, and commerce sectors deploy and operationalize blockchain solutions,” ConsenSys said at the time.

The news comes just before the much-anticipated Coinbase IPO goes live later today, which investors have been eyeing for a potential fresh flood of inflows into the cryptocurrency space.

The funding round shows that traditional financial conglomerates have systemically recognised the ecosystem’s intrinsic value, despite various headlines suggesting otherwise.

The total cryptocurrency market cap is above $2.2 trillion at the time of writing. Bitcoin and Ethereum have a total market cap. of $1.18 trillion and $270 billion, respectively, per figures from CoinGecko.

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