Blockchain technology firm ConsenSys has raised $65m in formation round that was joined by financial giants such as JP Morgan, Mastercard, and UBS.

The company will use the new capital to accelerate the convergence of decentralized finance (DeFi) and Web3 applications on Ethereum with enterprise blockchain infrastructure.

Blockchain companies including Protocol Labs, the Maker Foundation, Fenbushi, The LAO, and Alameda Research also participated in the financing round.

Additional investors in the round includes CMT Digital, Greater Bay Area Homeland Development Fund, SNZ Holding, NGC Ventures, Quotidian Ventures, and Liberty City Ventures.

ConsenSys said a number of funds also invested in the round with Ethereum-based stablecoins, DAI and USDC as consideration.

ConsenSys founder and Ethereum co-founder Joseph Lubin said: “ConsenSys’ software stack represents access to a new automated objective trust foundation enabled by decentralised protocols like Ethereum.

“We are proud to partner with preeminent financial firms alongside leading crypto companies to further converge the centralised and decentralised financial domains at this particularly exciting time of growth for ConsenSys and the entire industry.”

Established in 2014, New York-headquartered ConsenSys’s product portfolio includes Infura, Quorum, Codefi, MetaMask, Truffle, and Diligence.

Quorum was purchased by the firm from JPMorgan last year.

This suite support both public and private permissioned blockchain networks. It can also support Layer 2 Ethereum networks and facilitate access to adjacent protocols, including IPFS and Filecoin among others.

UBS head of group technology Mike Dargan said: “Our investment in ConsenSys adds proven expertise in distributed ledger technology to our UBS Next portfolio.”

Mastercard executive vice-president of digital asset and blockchain products and partnerships Raj Dhamodharan added: “Our investment and partnership with ConsenSys helps us bring secure and performant Enterprise Ethereum capabilities to our customers whom we believe will benefit from a robust, open source Ethereum community to create relevant and scalable solutions.”