Consensys spins off MetaMask in major corporate shake-up

MetaMask is becoming a standalone corporate entity as its parent company, Consensys, separates its consumer wallet business from its institutional and Ethereum software operations, according to a Wednesday press release.

Under the new structure, Consensys Software Inc. will be rebranded as MetaMask and continue operating its consumer platform under Joe Lubin as chairman and CEO.

MetaMask will remain focused on Ethereum while supporting other blockchain ecosystems, with plans to expand access to traditional financial instruments and broader self-custodial financial services.

Consensys’ Protocols Group and institutional blockchain infrastructure business will become a newly formed company that keeps the Consensys name.

Mike Kriak will serve as CEO, David Cunningham as president and Lubin as executive chairman. The business will include Linea as well as enterprise and Ethereum protocol infrastructure.

The split is expected to be completed by the end of 2026. After that, the two companies will operate independently.

The move comes as MetaMask has grown well beyond its original role as an Ethereum self-custody wallet and now offers a range of financial services, such as its Master Account, Mastercard-supported debit card, and perpetual futures and prediction markets. The wallet has surpassed 100 million downloads in roughly 190 countries and has facilitated trillions of dollars in cumulative transaction volume.

The restructuring follows a turbulent period for Consensys that included layoffs, a legal fight with the Biden-era Securities and Exchange Commission and an earlier plan to go public.

In a recent interview with Fortune, Lubin said the company expected separating the businesses would give each greater strategic flexibility but declined to comment on the timing of a potential IPO.