Key Takeaways:
- Consensys Software Inc. to split into distinct consumer and institutional brands called MetaMask.
- MetaMask will prioritize self-custody, payments, trading and other financial services.
- The new Consensys will be responsible for Linea, Besu and Ethereum Institutional infrastructure.
Consensys separated its business into a company focused on consumer platform MetaMask and another tasked with developing the Ethereum protocols and blockchain infrastructure for institutions. The separation is expected to be completed by the end of 2026.
MetaMask Becomes a Dedicated Crypto Finance Company
MetaMask, owned by Consensys Software Inc., will now become MetaMask and have a new chairman and a new Chief Executive Officer: Ethereum co-founder Joe Lubin.
The move marks a major shift for MetaMask beyond its identity as a crypto wallet. The company says it is building an “Open Money” platform designed to let users hold, spend, save and grow assets while retaining self-custody.
As of this writing, the company claims that MetaMask has reached 100 million downloads worldwide, in approximately 190 countries, and has processed trillions of dollars worth of transactions.
It is being seen in its expansion through Money Account, a mix of self-custodial assets and spending, earning, and trading. MetaMask also further signals its aim to be an Ethereum-first platform and its reach to financial products and multiple blockchain networks.
Read More: Ethereum Hegotá Upgrade Puts 2 EIPs at Center of 62-Proposal Crypto Shakeup
Users Will Not Need to Change Anything
The company restructuring does not impact the wallet itself for people who already use MetaMask.
The company said users’ apps, assets, keys and access are unaffected, and don’t need to be changed. It’s mainly organizational as MetaMask has now shifted to catering to its consumer financial arm.
That affords MetaMask space to build their own financial and crypto products onchain while avoiding the institutional structure of Consensys’ business.
New Consensys Takes Over Ethereum Infrastructure
The second company will use the Consensys name and focus on protocols and institutional blockchain infrastructure.
It will feature the Ethereum Layer 2 network Linea, among other Ethereum build-on-layer efforts like Besu and Teku. Mike Kriak will assume the role of CEO, David Cunningham will be President and Joe Lubin will be Executive Chairman.
The company will focus on banks, asset managers, payment providers and other enterprises that are moving blockchain projects into production. It will be focusing on the topics of tokenization, programmable settlement, blockchain infrastructure and institutional markets.
This is a wedge drive that is splitting two worlds of the crypto-economic environment that are growing apart. MetaMask is directing its energy to individual users needing direct control over their digital assets, while Consensys will be more closely focused on the infrastructure required by institutions constructing Ethereum and other networks.
The separation is happening at a time when institutional investment in tokenized assets and stablecoins emerges from exploratory experimentation. The new situation would enable each business to focus its leadership and resources, as well as its investment strategy, on its own market, the Consensys said.
Read More: 37 European Banks Bring Euro Stablecoin to Ethereum in $300B Market Shake-Up
The post MetaMask Splits From Consensys as 100M-Download Wallet Targets Open Money appeared first on CryptoNinjas.
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