Consensys Separates MetaMask, Institutional Business Into Two-Company Structure
Summary
- Consensys said it will rename its legal entity MetaMask and separate its retail business to operate products and services for general users.
- The newly created entity Consensys said it will focus on Linea, the Ethereum layer-2 network, and the development of institutional tokenization, stablecoin and digital-asset infrastructure.
- MetaMask and Consensys will operate with separate management structures and investment strategies, and MetaMask is planning features that would provide access to traditional finance, or TradFi, products.
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Consensys, a developer of Ethereum infrastructure, is separating its retail business from its institutional operations.
The company said on September 9 that it will rename its current legal entity MetaMask. That company will operate the MetaMask cryptocurrency wallet platform and other products and services for retail users. Consensys founder Joseph Lubin will serve as chairman of the MetaMask board and chief executive officer.
Consensys' protocol group and institutional blockchain infrastructure business will be transferred to a newly created entity, which will take the Consensys name. Lubin will participate in its management as executive chairman.
The new Consensys will focus on Linea, the Ethereum layer-2 network, as well as the development of infrastructure for institutional tokenization, stablecoins and digital assets.
MetaMask and Consensys will operate with separate management structures and investment strategies. The company plans to complete the separation by the end of this year.
Following the split, MetaMask plans to expand its business into a financial platform that supports a range of blockchain ecosystems centered on Ethereum. It aims to provide not only cryptocurrency custody and trading, but eventually access to traditional finance, or TradFi, products as well.
"MetaMask is evolving into a platform for managing many forms of capital," Lubin said. He added that the new Consensys will be a protocol company that supports collaboration among institutions and enterprises in an always-on on-chain environment.
