Consensys Spins Off MetaMask into Independent Company, No IPO or Token Issuance Plans Disclosed Yet

BlockBeats News, September 9 - According to Fortune, Ethereum infrastructure company Consensys will undergo a corporate split: the consumer business will operate as an independent company under the MetaMask name, focusing on wallets and related consumer financial services; the protocol and institutional-facing Ethereum software business will form another independent entity, continuing to use the Consensys name.

Consensys founder Joe Lubin will serve as CEO of the standalone MetaMask company, while also taking on the role of Executive Chairman of the new Consensys; long-time executive Mike Kriak will lead Consensys. Lubin stated that one reason for the split is that the value growth rate of MetaMask's consumer business is higher than that of the company's other operations.

MetaMask has expanded from an Ethereum wallet into a platform akin to a crypto-digital bank, offering services such as unified accounts, debit cards, perpetual contracts, and prediction markets. Regarding the IPO timelines for the two companies and MetaMask's token issuance plans, neither Lubin nor company spokespersons provided specific information.