Consensys splits into MetaMask and new Consensys

Consensys Software Inc. is splitting into two independent companies. MetaMask will become a fully independent company focused solely on the consumer wallet, while a newly formed Consensys continues the institutional and protocol activities. Joseph Lubin, co-founder of Ethereum and founder of Consensys, will become chair and CEO of MetaMask and will remain affiliated with the new Consensys as executive chair.

In brief:

• Consensys Software Inc. is being split into two independent companies: MetaMask and a new Consensys.
• MetaMask will focus entirely on the consumer market, while the new Consensys will focus on institutional infrastructure and protocols, including Linea.
• For existing MetaMask users, nothing changes about the app, balances, keys or access.

Ethereum is currently at $2.487,20, up 0.1% in the past 24 hours.

Two companies, each with its own focus

According to the official MetaMask announcement, the split is driven by the need for focused attention on two very different markets. Both the consumer market and the institutional market have now matured enough to each justify their own business strategy.

MetaMask has more than 100 million downloads in around 190 countries and has processed trillions of dollars in transactions in total. The company positions itself as a personal financial platform where users retain full control over their own money, without the intervention of banks or other institutions. Lubin calls this “Open Money”: money that works like the internet, open, transferable and self-custodial.

The new Consensys continues the business and institutional activities, including the blockchain network Linea. Lubin describes this as continuing the Ethereum mission for companies and financial institutions that have moved from pilot to production.

What changes for MetaMask users?

Lubin has said that existing users need not do anything. The app, balances, private keys and access remain completely unchanged. What changes is the focus of the company behind the wallet.

MetaMask recently launched the MetaMask Money Account, a product that combines automatic yield, direct payments and one-click trading in a single self-custodial environment. According to Lubin, this is the first step towards a full financial platform. Those who want to know more about the broader developments surrounding Ethereum can also consult the overview of the upcoming Hegota upgrade, in which the Ethereum Foundation is reviewing 62 improvement proposals.