Consensys to Split into Consumer-Focused MetaMask Entity
Ethereum ecosystem infrastructure firm Consensys is undergoing a major restructuring, which will see it split into two separate entities by the end of this year. The core driver behind this decision is the vastly different growth rates between its consumer-facing and institutional business units.
Founder Joseph Lubin explained that MetaMask, the company's flagship cryptocurrency wallet product, has been accumulating value at a much faster pace than other business units. As a result, Consensys will change its corporate name to MetaMask, with Lubin serving as board chairman and CEO of the consumer-focused entity.
The new MetaMask entity aims to expand beyond cryptocurrency custody and trading into a financial platform that provides access to traditional finance products. Lubin emphasized that 'a massive opportunity is unfolding before us' as MetaMask matures, citing recent developments such as its 'Master Account' feature, which allows users to hold various assets in a single account.