Consensys Software Inc., the Ethereum software company behind MetaMask, has announced plans to divide into two independent companies, separating its consumer-facing wallet business from its institutional blockchain infrastructure operations, with the split expected to be completed by the end of 2026.
Two companies, two mandates
Under the restructuring announced on September 9, 2026, Joe Lubin will serve as chairman and CEO of MetaMask and executive chairman of the newly configured Consensys.
The new Consensys entity will consolidate the company’s protocols and institutional infrastructure products, including Linea, Besu, and Teku. It will be led by CEO Mike Kriak and President David Cunningham, with a focus on Ethereum infrastructure and supporting financial institutions deploying blockchain technology for tokenization, stablecoins, and other onchain financial services.
MetaMask, meanwhile, will continue operating as a consumer self-custody platform while broadening its scope into payments, savings, investing, and traditional financial products. Consensys said the split reflects the increasingly distinct strategic priorities of the two business lines.
MetaMask’s rapid expansion beyond its crypto roots
MetaMask launched in 2016 as a browser extension for accessing decentralized applications and managing crypto assets. According to the company, the wallet has recorded more than 100 million downloads across approximately 190 countries and has facilitated trillions of dollars in transaction volume.
Over the past year, MetaMask has introduced a range of products that push well beyond its original remit:
- In June 2026, MetaMask launched its Money Account product, enabling eligible users to earn up to 4% variable annual percentage yield on mUSD stablecoin balances and spend funds through the MetaMask Card. Yield is generated via DeFi lending strategies rather than interest from MetaMask or the stablecoin issuer.
- In February 2026, the platform added access to 200 tokenized US stocks, exchange-traded funds, and commodities through Ondo Global Markets for eligible users outside the United States.
- Later that same month, MetaMask rolled out its Mastercard-enabled spending card across 49 US states, extending a product already available in Europe, Canada, Mexico, Brazil, and Argentina.
Institutional Consensys takes shape
The institutional arm will carry forward the Consensys brand and centre its operations on Ethereum infrastructure and enterprise blockchain adoption. Its leadership lineup of Kriak and Cunningham positions the company squarely in the market for helping banks and financial institutions implement tokenization and stablecoin infrastructure at scale.
Consensys said the restructuring reflects the increasingly different priorities of its consumer and institutional businesses, with the separation expected to complete by the end of 2026.
