Consensys Software Inc., the Ethereum software company behind MetaMask, plans to split into two independent companies, separating its consumer business from its institutional blockchain infrastructure operations.
According to Wednesday’s announcement, the separation is expected to be completed by the end of 2026, with Joe Lubin serving as chairman and CEO of MetaMask and executive chairman of the new Consensys.
The new Consensys will house the company’s protocols and institutional infrastructure businesses, including Linea, Besu and Teku, and will be led by CEO Mike Kriak and President David Cunningham. The company will focus on Ethereum infrastructure and helping financial institutions deploy blockchain technology for tokenization, stablecoins and other onchain financial services.
MetaMask will remain focused on consumer self-custody while expanding beyond crypto into payments, savings, investing and traditional financial products.
Source: MetaMask
MetaMask has recorded more than 100 million downloads across roughly 190 countries and facilitated trillions of dollars in transaction volume, according to the company.
The company said the restructuring reflects increasingly different priorities for its consumer and institutional businesses.
Related: Ethereum Foundation names 2 ‘must ship’ EIPs for Hegotá upgrade
MetaMask’s evolution beyond crypto wallet
MetaMask, which launched in 2016 as an Ethereum browser extension for accessing decentralized applications and managing crypto assets, has expanded beyond those roots over the past year, adding products spanning payments, yield and tokenized traditional assets.
In June, MetaMask launched Money Account, which allows users to earn up to 4% variable APY on eligible mUSD stablecoin balances and spend the funds through MetaMask Card. The yield is generated through DeFi lending strategies rather than interest paid by MetaMask or the stablecoin issuer.
Source: MetaMask
In February, the company added access to 200 tokenized US stocks, exchange-traded funds and commodities through Ondo Global Markets for eligible users outside the United States.
Later that month, it rolled out its Mastercard-enabled spending card across 49 US states, expanding a product previously available in markets including Europe, Canada, Mexico, Brazil and Argentina.
Magazine: Token buybacks are booming. But are they good for crypto projects?