Consensys to split into MetaMask and institutional blockchain company

Consensys Software Inc., the company behind the MetaMask wallet, plans to split its consumer and institutional operations into two separate firms, the company announced. The reorganization is intended to carve out MetaMask’s consumer business from a new Consensys that will concentrate on Ethereum protocols and enterprise blockchain infrastructure. The separation is expected to be completed by the end of 2026.

Under the plan, Joe Lubin will lead MetaMask as chairman and CEO while also acting as executive chairman of the newly formed Consensys. The institutional-facing company will bring together Consensys’ protocol and infrastructure businesses — including Linea, Besu and Teku — and will be run day-to-day by CEO Mike Kriak and President David Cunningham.

Consensys said the new corporate split will let each entity pursue different priorities. The institutional company will focus on Ethereum infrastructure and on helping financial firms deploy blockchain applications for tokenization, stablecoins and other onchain financial services. MetaMask, by contrast, will maintain its emphasis on consumer self-custody while expanding into payments, savings, investing and traditional financial products.

MetaMask has grown well beyond its 2016 origin as a browser extension for accessing decentralized applications, the company noted. It has recorded more than 100 million downloads across about 190 countries and has processed trillions of dollars in transaction volume. Recent product moves include Money Account (which offers up to a 4% variable APY on eligible mUSD balances via DeFi lending strategies), access to 200 tokenized U.S. securities through Ondo Global Markets for eligible non-U.S. users, and a Mastercard-enabled spending card rolled out in 49 U.S. states after earlier launches in several international markets.