Home Consensys To Split Into Two Companies, With MetaMask Becoming Standalone Entity

Consensys To Split Into Two Companies, With MetaMask Becoming Standalone Entity

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Consensys To Split Into Two Companies, With MetaMask Becoming Standalone Entity
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  • Consensys is rebranding as MetaMask and dividing into two distinct organizations.
  • The Consensys name will be retained by the new organization.
  • By the end of the year, the restructuring is anticipated to be finished.

Consensys Software Inc. (CSI) announced plans to rebrand as MetaMask while continuing to operate the crypto wallet and other consumer-focused products.

MetaMask will become a standalone company focused on self-custody, payments, trading and other financial services. Joe Lubin will serve as its Chairman and CEO, taking a more direct role in expanding the wallet into a broader consumer finance platform.

Consensys, the blockchain technology company founded by Ethereum co-founder Joe Lubin, is restructuring into two independent companies, separating its consumer-facing products from its institutional blockchain infrastructure business.

MetaMask has expanded beyond its traditional wallet functionality with the launch of Money Account, a self-custodial account that allows users to trade, spend and earn from a single balance.

Meanwhile, Consensys will continue as a newly formed company focused on blockchain infrastructure, protocols and institutional applications. Its business will include Linea, Ethereum infrastructure and the company’s Protocols Group.

Mike Kriak will become CEO of the new Consensys entity, while David Cunningham will serve as President. Lubin will take the role of Executive Chairman.

Joe Lubin Takes Full-time MetaMask Role

Lubin said MetaMask has evolved into the world’s most widely used self-custodial wallet and is developing into a broader platform for managing finances and digital assets.

The executive said taking the MetaMask role full-time reflects the growing importance of consumer finance and the company’s ambition to build a financial platform comparable in scale to its earlier work in Ethereum.

The restructuring separates two distinct growth areas within the Consensys business. MetaMask will focus on consumer adoption and financial services. Consensys will concentrate on blockchain infrastructure and institutional use cases.

Consensys Targets Institutional Blockchain Growth

The new company, called Consensys, will keep working on building tools and programs related to Ethereum that are meant for banks and other financial organizations.

David Cunningham talked about how more and more things are being turned into digital tokens and how financial markets are always open. He said that financial organizations need systems that can work together, keep information, handle problems well, and grow big.

The split also comes as Consensys explores broader corporate and product developments. The company has previously been linked to plans for an initial public offering (IPO), while speculation around a potential MASK token has also attracted attention.

Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV

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