Consensys to Split MetaMask and Infrastructure Business Into Two Independent Companies by Year-End

Consensys Software Inc., an Ethereum infrastructure company, will separate MetaMask from its institutional blockchain infrastructure business and reorganize into two independent companies by the end of this year.

The Block reported on September 9 that Consensys Software will rename itself MetaMask and focus on financial services for individual users. Co-founder Joseph Lubin will serve as chairman and chief executive officer of the new MetaMask.

MetaMask plans to expand beyond its cryptocurrency wallet into a self-custody financial platform spanning payments, savings and investing. The company said MetaMask has recorded more than 100 million cumulative downloads across about 190 countries, with total transaction volume reaching trillions of dollars.

The protocol and infrastructure business will be spun off into a separate company called Consensys. The new company will focus on the Ethereum ecosystem and institutional blockchain infrastructure, including the Layer 2 network Linea and the Ethereum clients Besu and Teku.

Mike Kriak will become chief executive officer of the new Consensys, while David Cunningham will serve as president. Lubin will chair the company's board.

The split is intended to address expanding demand from financial institutions for tokenization, stablecoins and blockchain infrastructure. Consensys said financial firms are moving beyond testing blockchain technology and into deploying it in live services.

MetaMask has also accelerated its push into financial services. Earlier this year, it launched a Mastercard payment card in the US. In June, it unveiled Money Account. Users holding mUSD can earn yields of up to 4% a year and use the same balance for card payments, trading, perpetual futures and prediction markets.

Meanwhile, Consensys' infrastructure business, including Linea, is aggressively targeting the institutional market. Financial institutions including Citi, DTCC and BNY Mellon use Consensys' Besu infrastructure.

The restructuring announcement did not provide specific details on MetaMask's planned native token, MASK, or a potential initial public offering, both of which Lubin had previously discussed. The formal separation into two companies is due to be completed by the end of this year.