Consensys to Split MetaMask Into Separate Company by 2026
Consensys plans to divide its business into two independent companies, separating MetaMask’s consumer-focused operations from its Ethereum protocols and institutional blockchain infrastructure activities.
The restructuring is expected to be completed by the end of 2026. Joe Lubin, Consensys’ founder, will become chairman and CEO of MetaMask while also taking the role of executive chairman at the newly formed Consensys.
The new Consensys will bring together the company’s Ethereum infrastructure and protocol businesses, including Linea, Besu and Teku. Mike Kriak will serve as CEO, with David Cunningham taking the role of president.
The company will focus on blockchain infrastructure for financial institutions and Ethereum-based services. Its work will include supporting tokenization, stablecoins and other onchain financial applications.
MetaMask, meanwhile, will operate as a standalone consumer business centered on self-custody. Its plans extend beyond cryptocurrency wallets, with a broader focus on payments, savings, investing and access to traditional financial products.
The wallet has surpassed 100 million downloads across around 190 countries and has processed trillions of dollars in transaction volume, according to Consensys.
The companies said the split reflects the increasingly different goals of the consumer and institutional sides of the business.
MetaMask launched in 2016 as an Ethereum browser extension that allowed users to interact with decentralized applications and manage digital assets. Since then, it has expanded into financial services beyond its original wallet functions.
In June, MetaMask introduced its Money Account, giving eligible users the ability to earn up to 4% variable APY on mUSD stablecoin balances. Users can also spend those funds through the MetaMask Card, while the yield comes from DeFi lending strategies rather than direct payments from MetaMask or the stablecoin issuer.
MetaMask has also expanded into tokenized traditional assets. In February, eligible users outside the US gained access to 200 tokenized US stocks, ETFs and commodities through Ondo Global Markets.
That same month, MetaMask expanded its Mastercard-powered spending card to 49 US states. The card was already available in several international markets, including Europe, Canada, Mexico, Brazil and Argentina.
The separation gives both businesses room to pursue their respective markets while keeping their operations under the broader leadership of Lubin.