ConsenSys Acquires Open Source Ethereum Wallet to Expand MetaMask

Blockchain infrastructure company ConsenSys has acquired open source crypto wallet MyCrypto in a bid to eventually merge the two products. 

MyCrypto is set to be combined with MetaMask, ConsenSys’ Ethereum wallet, to boost security and increase usability, both companies said Tuesday. Terms of the deal were not disclosed

Dan Finlay, co-founder of MetaMask, said in a statement that the collaboration will be better placed to help users “ make the best decisions through this rapidly evolving Web3 wallet landscape.” 

“MyCrypto has consistently been one of the most reliable and intercompatible wallets in Ethereum, often shipping cutting-edge Ethereum features ahead of other wallets, while MetaMask has focused on general-purpose dapp interactions,” Finlay said. 

MyCrypto, founded in 2015, supports Ethereum wallets via web browsers and desktops, while MetaMask employs mobile and browser extensions. The idea in combining the two wallets is to create a product that supports desktop, mobile and browser-based wallets. 

“With the rapid growth of the ecosystem and products racing to ship slick features, it is imperative that the leading wallet continues to build foundational and secure self-custody tools that empower the user,” said Taylor Monahan, founder and CEO of MyCrypto, in a statement. 

The acquisition comes shortly after MetaMask expanded its institutional offerings with the addition of its first built-in custodial solution that supports multi-chain compatibility.

MetaMask’s institutional clients can now access the same multi-chain connectivity across all Ethereum Virtual Machine (EVM) chains that MetaMask provides retail traders. Compatible chains include Ethereum, Binance Smart Chain, Polygon and Avalanche. 

Both products will continue to operate separately in the near term. Within the MetaMask team, MetaMask co-founders Finlay and Aaron Davis, along with MyCrypto founder Taylor Monahan, will work toward a unified product. MyCrypto’s team of 12 employees will be joining ConsenSys. 

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