Key highlights:
- MetaMask has moved away from Consensys as a standalone company
- Expanding beyond its wallet business, MetaMask will focus on payments, savings, and investing
- Consensus will focus on Ethereum and blockchain infrastructure
Consensys, a prominent blockchain software platform, is now splitting its business into two separate companies. As part of this split, MetaMask will become a separate entity, moving away from the Ethereum-focused blockchain infrastructure business. This makes MetaMask a standalone identity as it looks to expand beyond its crypto wallet into a broader consumer finance platform.
MetaMask becomes an independent company
Consensys is splitting itself into two independent companies, with MetaMask separated from the institutional and blockchain infrastructure operations. As per reports, Consensys Software Inc. will be rebranded as MetaMask, and Consensys founder Joe Lubin will serve as its Chairman and CEO.
With this move, MetaMask will focus on moving beyond its traditional crypto wallet business. The main focus areas will be payments, savings, and investing. At the same time, the company will also focus on self-custody to allow user to keep control over their assets and finances. Consensys CEO Lubin noted:
“For over a decade, the Consensys teams and products that ultimately became Consensys Software Inc. helped build the foundations of the Ethereum ecosystem…MetaMask grew out of that work into the world’s most widely used self-custodial wallet, and today it’s becoming something larger…Stepping into this role full-time is a recognition that consumer finance deserves the same focus and ambition that we’ve brought to building Ethereum itself.”
Consensys focuses more on Ethereum and institutional blockchain
Interestingly, following the split, Consensus will also operate as a separate entity, focusing on Ethereum and blockchain infrastructure. Its portfolio will include the Linea network and Ethereum clients like Besu and Teku. The company will be led by Mike Kriak as CEO. At the same time, David Cunningham will serve as president, with Joe Lubin remaining the executive chairman.
According to the company’s official statement, the division comes amid growing interest from financial institutions in blockchain technology. As banks and other financial firms move beyond testing blockchain solutions, demand for real-world applications increases. David Cunningham stated,
“Financial institutions and market infrastructure are moving to always-on operations with tokenization at the core. Consensys Software Inc. has built the open-source technology that is the foundation of this transition. We are now delivering the interoperability infrastructure that the world’s largest financial marketplaces need to coordinate this transformation with the required privacy, resilience and scale.”
MetaMask is expanding beyond wallet business
It is worth noting that the current division between Consensys and MetaMask comes as the latter has been increasingly attempting to move beyond its traditional role. The platform has been exploring more opportunities rather than being limited to its role as a crypto wallet. Earlier this year, MetaMask launched a US payment card, partnering with Mastercard. The move allowed users to spend their crypto using the card, while also earning rewards in its mUSD stablecoin.
In June, MetaMask expanded this offering with its Money Account. With the service, users can earn up to 4% APY on their mUSD holdings. They can also use the same balance for everyday spending through the MetaMask Card. The account also allows them to engage in crypto trading, perpetuals, and prediction markets, making the platform function more like an all-in-one financial platform. In addition, MetaMask will also launch its own token soon, as noted by Lubin.
Source:: MetaMask Becomes Standalone Company as Consensys Splits in Two