Consensys Splits into MetaMask and Institutional Blockchain Firms
Consensys Software Inc., a prominent player in the crypto space, is undergoing significant changes. The company will split into two independent entities: MetaMask and Consensys. Under this restructure, MetaMask will focus on consumer finance products, including payments, savings, trading, and investing. With over 100 million downloads across 190 countries, MetaMask has expanded its offerings beyond a self-custodial wallet model.
MetaMask's services now include a U.S. Mastercard payment card, which rewards users with its mUSD stablecoin. The company also launched its Money Account in June, allowing customers to earn up to 4% APY on mUSD balances. Users can use funds held in the account for card spending, trading, perps, and prediction markets.
Besides consumer finance, Consensys will focus on institutional blockchain infrastructure under the new entity's leadership. Mike Kriak will become CEO, while David Cunningham will serve as president. Joe Lubin will remain involved with Consensys as executive chairman.