ConsenSys Acquires Ethereum Wallet MyCrypto, Plans to Merge It With MetaMask

The acquisition will eventually bring MetaMask to more platforms and deepen its integrations.

Feb 1, 2022 at 3:00 p.m. UTC
Updated Feb 1, 2022 at 9:08 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

ConsenSys said Tuesday it acquired Ethereum wallet MyCrypto, for undisclosed terms. MyCrypto will eventually merge with ConsenSys’ hugely popular MetaMask wallet.

“With our talents combined, and our strong sense of shared ethics and goals for this ecosystem, I think we’ll be able to provide a wallet experience that is much more able to help its users make the best decisions through this rapidly evolving Web 3 wallet landscape,” said Dan Finlay, co-founder of MetaMask.

MetaMask currently has 21 million monthly active users, but the acquisition would bring the wallet to more platforms and deepen its integrations as it is currently offered only through mobile apps and web browser extensions. MyCrypto offers its Ethereum account management solutions through browsers and desktop applications.

User safety and product security are hallmarks to both MetaMask and MyCrypto, said Taylor Monahan, founder and CEO of MyCrypto, speaking with CoinDesk. Security, she said, is of increasing importance as the ecosystem grows and a more diverse range of people enter the crypto space. “We want to make sure that everyone has a good experience with cryptocurrency. Namely, not losing all of their crypto."

While the eventual goal is to combine the MyCrypto and MetaMask wallets, the products will remain independent under the same brand umbrella in the near term. The teams don’t have a timeline for the merger, added Monahan, preferring instead to allow the process to happen organically. The unified products will be headed by Monahan, alongside MetaMask co-founders Dan Finlay and Aaron Davis. MyCrypto’s team of 12 employees will also join ConsenSys.

Led by Ethereum co-founder Joseph Lubin, Brooklyn, N.Y.-based ConsenSys is a titan in the Ethereum ecosystem, having developed a blockchain product suite that includes Diligence for smart contract audits and security, blockchain for business protocol Quorum and developer toolkit Truffle.

In November ConsenSys raised $200 million in a funding round at a $3.2 billion valuation.

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Brandy covers crypto-related venture capital deals for CoinDesk.

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Brandy covers crypto-related venture capital deals for CoinDesk.

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