Consensys Splits into Two Separate Entities

Consensys, one of the oldest firms in the crypto industry, is undergoing a significant reorganization. The company announced that it will split into two separate entities: MetaMask and Consensys.

MetaMask will operate as an independent corporate entity, focused on its consumer wallet product. Joe Lubin, founder of Consensys, will lead this unit as CEO and Executive Chairman. In contrast, the institution-focused entity will carry on the legacy Consensys name, with Mike Kriak at the helm.

The decision to split the company came from recognizing that MetaMask's consumer operation was growing faster than the rest of Consensys's business units. Lubin highlighted this disparity in an interview, stating that the consumer platform 'is accruing value at a more rapid pace.'

Consensys has faced challenges in recent years, including layoffs and conflicts with regulatory bodies. However, Lubin expressed optimism about the future, citing the growth of MetaMask's revenue stream through various services such as perpetual futures and prediction markets.