Consensys announces a reorganization of its corporate structure, separating its wallet business, MetaMask, to operate as a separate company targeting consumers. The remaining businesses will continue to use the name Consensys, mainly focusing on protocol development and Ethereum software for institutions.
Management Division Adjustment
According to the new arrangement, Consensys founder Joe Lubin will serve as the CEO of MetaMask after its independence. Long-term executive Mike Kriak will be responsible for maintaining the name of the new entity, Consensys, which will focus on institutional business. Lubin will also serve as the executive chairman of this entity.
Lubin stated externally that one of the reasons for promoting the split is that MetaMask's consumer-facing business is growing faster than other segments of the company. As this business segment expands, operating it separately helps to concentrate resources and management attention.
MetaMask Business continues to expand
MetaMask was initially an Ethereum decentralized wallet and has gradually expanded to a wider range of financial services in recent years. Lubin mentions that MetaMask recently launched Money Account, allowing users to hold multiple types of crypto assets and fiat currencies in one account, and to make purchases using debit cards that support Mastercard.
In addition to wallets, MetaMask also provides services such as perpetual contracts and prediction markets. Lubin indicates that these products are diversifying the company's sources of revenue.
- Money Account Supports unified management of encrypted assets and fiat currencies
- Debit card consumption network is supported by Mastercard.
- Perpetual contracts and prediction markets have become part of the existing services.
The listing and coin issuance plans are not clear.
Consensys has been established for over a decade, initially starting as an Ethereum-based startup incubation platform in Brooklyn, and then moved to Texas in 2023. The company signaled its intention to pursue an IPO within that year a year ago, but this plan did not come to fruition due to a significant downturn in the crypto market.
Lubin has not responded to the new IPO timeline. The company's spokesperson also refused to provide specific details regarding potential capital market actions, stating only that MetaMask and Consensys target different markets and have different growth rates; after the split, each will have a clearer focus for their operations.
Regarding the coin issuance issue that has attracted external attention, Lubin has not provided any new plans either. He stated that in the current business and regulatory environment, fewer and fewer companies are inclined to issue their own cryptocurrency tokens.
Institutional business retains the name Consensys.
After the split is completed, the new company, which retains the name Consensys, will continue to focus on the demand for institutions to move their operations onto the blockchain. Lubin believes that banks and other enterprises are driving more of their businesses to the blockchain, which will bring long-term growth opportunities for the Ethereum ecosystem as well as the new Consensys.
In the past few years, Consensys has experienced layoffs and has also had regulatory disputes with the U.S. Securities and Exchange Commission during the Biden administration. Now, by separating its consumer business from its institutional business, the company is showing an attempt to address the next phase of growth with a clearer structure.
