Consensys Software Inc. (CSI), founded by Ethereum’s co-founder Joe Lubin, will split into two independent entities, with the current entity rebranding to MetaMask. Meanwhile, the new entity will keep the Consensys name, with Lubin serving as CEO of one company and Executive Chairman of the other.
Consensys To Rebrand as MetaMask As Company Splits Into
In a news release, the crypto firm announced that it will evolve into two independently operated companies as it separates its consumer and institutional businesses to pursue two of the largest opportunities in digital finance. The firm noted that CSI will continue to operate as the same company and rebrand as MetaMask.
MetaMask will operate the top crypto wallet, the firm’s flagship product, and its other consumer-facing products. Meanwhile, Joe Lubin will serve as the Chairman and CEO of this company.
Furthermore, CSI’s Protocols Group and institutional blockchain infrastructure business, including Linea and Ethereum infrastructure, will operate as a newly formed company and will retain the Consensys name. Mike Kriak will serve as CEO, David Cunningham as President, and Joe Lubin as Executive Chairman. The firm expects to complete this restructuring by the end of this year.
This move comes amid plans for an IPO and the potential launch of the MASK token. The firm had delayed its IPO to later this fall at the earliest, partly due to the bear market conditions witnessed this year, while there has yet to be an update on the MASK token, which was expected to follow the launch of its mUSD
The Need For The Restructuring
Joe Lubin noted that MetaMask has grown into the world’s most widely used self-custodial wallet and is becoming “something larger” as a platform where people also manage their finances while also custodying their assets. Earlier this year, the wallet launched ‘Money Account,’ a self-custodial account that lets users trade, spend, and earn with a single balance.
“Stepping into this role full-time is a recognition that consumer finance deserves the same focus and ambition that we’ve brought to building Ethereum itself,” Lubin said. Meanwhile, the new Consensys entity will continue to advance the top layer-1 network Ethereum and build applications and protocols for institutions at the app layer.
Commenting on the planned split, David Cunningham said,
Financial institutions and market infrastructure are moving to always-on operations with tokenization at the core…. We are now delivering the interoperability infrastructure that the world’s largest financial marketplaces need to coordinate this transformation with the required privacy, resilience and scale
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