Consensys Software Inc. will divide into two separate entities. The consumer-facing side of the business, MetaMask, will operate as an independent company. The institutional blockchain infrastructure operations, including protocols such as Linea, Besu, and Teku, will remain under the new Consensys entity.
Joe Lubin will take on dual roles as the chairman and CEO of MetaMask and the executive chairman of the new Consensys. Mike Kriak will serve as CEO and David Cunningham as President of the new Consensys, which will prioritize Ethereum infrastructure and the deployment of blockchain technology for financial institutions, specifically for tokenization and stablecoins.
MetaMask, which has over 100 million downloads in approximately 190 countries and has handled trillions of dollars in transaction volume, will focus on consumer self-custody. The company plans to expand its offerings into payments, savings, investing, and traditional financial products.
Launched in 2016 as an Ethereum browser extension, MetaMask has recently added products for payments, yield, and tokenized traditional assets. In June, the company introduced the Money Account, offering up to 4% variable APY on mUSD stablecoin balances via DeFi lending strategies, and providing a MetaMask Card for spending.
In February, MetaMask expanded its services for eligible users outside the US, providing access to 200 tokenized US stocks, ETFs, and commodities through Ondo Global Markets. Additionally, the recently rolled out Mastercard-enabled spending card is now available across 49 US states, following its availability in Europe, Canada, Mexico, Brazil, and Argentina.