Consensys Software Inc. Splits In Two, Rebrands As MetaMask
Consensys Software Inc. said it will split into two companies: the existing corporate entity will rebrand as MetaMask and retain the MetaMask wallet and consumer products under co-founder Joe Lubin as chairman and chief executive, while a newly formed firm named Consensys will house the Protocols Group and institutional blockchain infrastructure including Linea and Besu. Mike Kriak will lead the new Consensys as chief executive, with David Cunningham as president and Declan Fox as chief product officer; completion of the separation is expected by the end of 2026 and users are not required to take action.
Why It Matters
The move separates Ethereum's largest consumer wallet from one of its principal protocol development teams, creating distinct corporate and leadership structures for consumer finance products and institutional blockchain infrastructure. That split has implications for product focus, fundraising and unresolved questions about tokens and a potential IPO that had been linked to the unified company.
Key Facts
- Announcement: Consensys Software Inc. will separate into two companies; the existing entity will rebrand as MetaMask and a newly formed company will carry the Consensys name.
- Leadership — MetaMask: Joe Lubin will serve as chairman and chief executive of the rebranded MetaMask.
- Leadership — Consensys: Mike Kriak will be chief executive of the new Consensys; David Cunningham will be president; Declan Fox will be chief product officer; Joe Lubin will be executive chairman.
- Business split: MetaMask will keep the wallet and consumer products (including the Money Account); the new Consensys will hold the Protocols Group and institutional blockchain infrastructure such as Linea, Besu and Teku.
- Money Account: MetaMask's Money Account launched June 30 offering up to 4% on stablecoin balances.
Consensys Software Inc. announced a corporate split that will separate its consumer-facing wallet business from its protocol and institutional infrastructure operations. The current corporate shell will be renamed MetaMask and retain the MetaMask wallet and related consumer products. Joe Lubin, a co-founder of the company, will serve as chairman and chief executive of MetaMask.
A newly formed company will take the Consensys name and house the Protocols Group plus institutional blockchain infrastructure, including the Linea layer 2 network, the Besu Ethereum execution client used in permissioned enterprise networks, and the Teku consensus client. Mike Kriak will lead that entity as chief executive, with David Cunningham as president and Declan Fox as chief product officer; Lubin is listed as executive chairman of the new Consensys.
The company framed the split as a divide between a consumer business — selling products such as the Money Account, which combines self-custody with automated yield, card spending and swaps — and an enterprise business focused on tokenization and settlement plumbing for financial institutions. MetaMask said its wallet has exceeded 100 million downloads across roughly 190 countries. The firm expects the separation to be completed by the end of 2026 and said users do not need to take action.
The announcement left several open questions. It did not specify which of the two companies will control Infura, whose site now brands it as part of MetaMask Developer. The release also did not address whether a previously discussed MetaMask token (MASK), which Joe Lubin confirmed was planned on a September 2025 podcast and for which the company registered claim.metamask.io in October 2025, will be issued. Additionally, the statement did not clarify which entity would carry forward an initial public offering process that reports in October 2025 said had involved JPMorgan and Goldman Sachs as advisors.
The new Consensys’ Linea network figures in the firm’s institutional pitch but has modest on-chain metrics: DefiLlama data show about $29 million in DeFi deposits and $38.1 million in stablecoins issued on Linea. CoinGecko lists the LINEA token at $0.002664 and a market capitalization of $65.3 million, down about 94% from its September 2025 all-time high; another 960 million tokens are scheduled to unlock on Sept. 10.
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Original source: The Defiant