Microsoft Going Crypto

If you're at all involved in cryptocurrencies, you know what Ethereum is and that MetaMask is probably the most used extension for accessing Ethereum enabled distributed applications, or "Dapps" in your browser. What you might have missed is that ConsenSys is the developer behind MetaMask, and that today this company doubled its value to some $7 billion after raising new funds, some of it from Microsoft.

_{source: Flickr}

The co-founders of Ethereum are busy bees indeed. One of them, Joseph Lubin, created blockchain startup ConsenSys in 2014, and released MetaMask in 2016. MetaMask has since played a crucial role in the Web3 evolution, as it not only acts as an Ethereum wallet, but can be used to interact with decentralized apps. In my post about centralization in crypto last week, I highlighted how the company isn't entirely immune to government pressure; today the company features in news that could be a net-positive in mainstream adaptation for cryptocurrencies.

Today CNBC reported "ConsenSys has raised $450 million in a funding round backed by the likes of Microsoft, SoftBank and Temasek." The report also stated that tech giants are increasingly interested in Web3, and even mentions the call for more decentralization of the (blockchain-based) internet. Now, in the case of Microsoft I believe we can let our imagination run free and see the relation between Microsoft's recent acquisition of Activision, the future of gaming being increasingly linked to the "metaverse" and games transferring from single purchases to subscription-based purchases.

Microsoft has been playing with the idea of integrating blockchain into their software and services since 2015 at the very latest, when they announced that Ethereum had become available on Azure, their cloud computing platform. Last year they published a white paper in which they were looking to use the ethereum blockchain to combat digital piracy by relying on the network's transparent and decentralized nature. Here's the report from CoinTelegraph: Microsoft wants to use Ethereum blockchain to fight piracy. And Microsoft has some history with ConsenSys'founder already, as they led an early-stage investment in another start-up co-founded by Lubin, Palm NFT Studio.

Things are looking up for crypto-investors in general; the CNBC report also contains a graph showing that funding for blockchain start-ups soared eight-fold in 2021, from $3.18 billion in 2020 to $25.2 billion in 2021. I think it's important for us to keep these general trend-lines in sight and be aware of this kind of news. It's far too easy to become disheartened by looking at price-developments on shorter time scales or the bearish news of the day. Pandora's box has been opened and can not be shut; decentralized Web3 is where we're headed and blockchain as well as cryptocurrencies are an integral part of that future. I have this feeling that it won't be long before all the major web-shops like Google Play Store, Apple Store and yes, Microsoft Store are all in on accepting cryptocurrencies for super fast and super safe transactions as well.

Thanks so much for visiting my blog and reading my posts dear reader, I appreciate that a lot :-) If you like my content, please consider leaving a comment, upvote or resteem. I'll be back here tomorrow and sincerely hope you'll join me. Until then, stay safe, stay healthy!

Recent articles you might be interested in:

Thanks for stopping by and reading. If you really liked this content, if you disagree (or if you do agree), please leave a comment. Of course, upvotes, follows, resteems are all greatly appreciated, but nothing brings me and you more growth than sharing our ideas.