MetaMask to Stand Alone as Consensys Retains Protocol Operations

Consensys Software Inc. plans to split into two independent companies, separating its consumer-facing MetaMask wallet business from its Ethereum protocol and institutional blockchain infrastructure operations, according to a Wednesday announcement. The separation is expected to be completed by the end of 2026.

The planned structure would establish MetaMask as a standalone consumer platform while a newly created company retaining the Consensys name houses the protocol and institutional infrastructure operations. Consensys said the move reflects the increasingly different priorities of its consumer and institutional businesses.

Consensys to separate MetaMask from institutional infrastructure business

Under the restructuring, MetaMask will operate as the standalone consumer platform and remain focused on self-custody for retail users. The company has also said MetaMask plans to expand beyond crypto into payments, savings, investing and traditional financial products.

Joe Lubin, the Consensys founder, will serve as chairman and CEO of MetaMask. He will also serve as executive chairman of the new Consensys, giving him leadership roles at both companies under the announced arrangement.

The remaining protocol and institutional infrastructure businesses will sit within the newly created entity that keeps the Consensys name. That company will include Linea, Besu and Teku. Its stated focus is Ethereum infrastructure and helping financial institutions deploy blockchain technology for tokenization, stablecoins and other onchain financial services.

Mike Kriak will serve as CEO of the new Consensys, while David Cunningham will be president. The announcement describes separate consumer and institutional businesses with distinct operational priorities, rather than a change to MetaMask’s role as the company’s consumer-facing product platform.

The separation is expected to be completed by the end of 2026. Until then, the announcement identifies the proposed leadership and business focus for each side of the split: MetaMask as the consumer platform, and Consensys as the protocols and institutional infrastructure company.

MetaMask expands beyond its original wallet role

MetaMask launched in 2016 as an Ethereum browser extension for accessing decentralized applications and managing crypto assets. The company says MetaMask has recorded more than 100 million downloads across roughly 190 countries and facilitated trillions of dollars in transaction volume.

Over the past year, MetaMask has added products spanning payments, yield and tokenized traditional assets. In June, MetaMask launched Money Account, which allows users to earn up to 4% variable APY on eligible mUSD stablecoin balances and spend the funds through the MetaMask Card.

The yield associated with Money Account is generated through DeFi lending strategies rather than interest paid directly by MetaMask or the stablecoin issuer. That distinction separates the product’s stated yield mechanism from a rate paid by the wallet provider or the issuer of the stablecoin.

In February, MetaMask added access to 200 tokenized US stocks, exchange-traded funds and commodities through Ondo Global Markets for eligible users outside the United States. The products expanded the types of assets available through the platform for those eligible users.

Later that month, MetaMask rolled out its Mastercard-enabled spending card across 49 US states. The product had previously been available in markets including Europe, Canada, Mexico, Brazil and Argentina. The card and Money Account are among the consumer products cited as MetaMask broadens the services available through its platform.

Consensys has described MetaMask’s planned direction after the separation as an expansion beyond crypto into payments, savings, investing and traditional financial products. The company’s recent product additions provide context for that consumer-platform focus, while the new Consensys is set to concentrate on its protocols and institutional infrastructure operations.

Distinct businesses, distinct strategic paths

Once separated, MetaMask is expected to continue its consumer-platform focus, including its stated plans around payments, savings, investing and traditional financial products. Its self-custody role remains part of that focus, alongside products such as Money Account, the MetaMask Card and access to tokenized assets for eligible users.

The new Consensys, meanwhile, will concentrate on Ethereum protocol development and institutional infrastructure. Linea, Besu and Teku will be included in the new company, which has identified tokenization, stablecoins and other onchain financial services as core institutional use cases for its technology.

The two companies are intended to operate as separate businesses following the planned completion of the transaction. The announced split draws a clearer organizational line between MetaMask’s consumer operations and the protocol and institutional infrastructure activities that will remain under the Consensys name.

The stated completion target is the end of 2026. The announcement sets out the intended structure, executive roles and respective business focuses, with MetaMask led by Lubin as chairman and CEO and the new Consensys led by Kriak as CEO and Cunningham as president.

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