Ethereum infrastructure firm Consensys is separating its operations into two independent businesses, according to Fortune. Under the new structure, the consumer arm will operate as a standalone company under the MetaMask name, focusing on the wallet and related consumer financial services. The protocol business and Ethereum software products aimed at institutions will be placed into a separate entity that will continue to use the Consensys brand. The move redraws the company’s structure around two distinct lines of business that have developed at different speeds.
Founder Joe Lubin will serve as CEO of the independent MetaMask company while also taking the role of executive chairman at the new Consensys. Longtime executive Mike Kriak will lead Consensys. Lubin said one reason for the split was that the value of MetaMask’s consumer business has been growing faster than the rest of the company. Fortune said MetaMask has expanded beyond an Ethereum wallet into a platform resembling a crypto digital bank, with services including a unified account, debit card, perpetuals and prediction markets. Lubin and a company spokesperson did not provide specific details on any IPO timeline for either company or on whether MetaMask plans to issue a token.
Ethereum infrastructure company Consensys is splitting into two separate businesses, according to Fortune.
Under the new structure, the consumer business will operate as an independent company under the MetaMask name, with a focus on the wallet and related consumer financial services. The protocol business and Ethereum software operations serving institutions will be placed into another standalone entity that will continue using the Consensys name.
Leadership after the split
Consensys founder Joe Lubin will become CEO of the independent MetaMask company and will also serve as executive chairman of the new Consensys. Longtime executive Mike Kriak will lead Consensys.
Why the company is separating the businesses
Lubin said one reason behind the split is that the value of MetaMask’s consumer business has been growing faster than the rest of the company’s operations.
Fortune reported that MetaMask has expanded from an Ethereum wallet into a platform resembling a crypto digital bank, offering services such as a unified account, a debit card, perpetuals and prediction markets.
No details yet on IPO timing or token plans
Lubin and a company spokesperson did not provide specific information on an IPO timetable for either of the two companies, or on any plan for a MetaMask token.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
