coindesk.com
Ethereum development firm Consensys plans to split into two independently operated companies, separating its MetaMask wallet business from the Ethereum protocols and institutional blockchain infrastructure it has helped build over the past decade.
The existing company, Consensys Software Inc., will rebrand as MetaMask under Ethereum co-founder Joe Lubin as chairman and CEO.
Its protocols group and institutional infrastructure business, including the Linea blockchain, will move into a newly formed company retaining the Consensys name, according to an announcement.
The separation, which would see Mike Kriak lead the new Consensys as CEO, is expected to be completed by the end of 2026. That firm would include David Cunningham as president and Lubin as executive chairman.
The company will develop Ethereum infrastructure and help financial institutions deploy blockchain systems for tokenized assets, stablecoins and settlement.
The restructuring comes after Consensys pushed back a potential U.S. initial public offering (IPO) until this fall at the earliest, citing poor market conditions. The company had reportedly engaged JPMorgan and Goldman Sachs to lead the process.
CoinDesk emailed Consensys’ representatives this Tuesday asking whether that timetable still stood, but hasn’t heard back. The announcement did not address the IPO plans or say which business might pursue a listing.
MetaMask, which lets users manage their cryptocurrency directly, has recorded more than 100 million downloads, the company said. It is expanding beyond its wallet roots into payments, savings and investing, including access to traditional financial instruments.
Its recently unveiled Money Account combines earning on stablecoin balances, spending and trading. It’s centered on MetaMask’s proprietary dollar-pegged stablecoin mUSD.
The new Consensys, meanwhile, will bring together the teams and technologies behind Linea and Ethereum software Besu and Teku, with a focus on infrastructure for banks, asset managers and other institutions.