To execute the deal with JP Morgan, ConsenSys crafted a plan called Project NorthStar, designed in concert with the Swiss office of consulting giant PwC. Project NorthStar would call for the creation of a new Delaware C-corp called ConsenSys Software Inc (CSI) and the transfer of all major assets from the original Swiss company, ConsenSys AG (CAG), into the new entity. To determine the share of the new company that the original company would be awarded, ConsenSys had to arrive at a valuation of its core assets, which at the time consisted of Infura, Pegasus, Codefi, a 50% stake in Truffle and MetaMask, along with the company’s subsidiaries in Australia, France, the U.K., Hong Kong, Ireland, and the U.S.
ConsenSys Faces Shareholder Vote Over Controversial Transfer of Company Assets
