Consensys Software Inc. has announced it is splitting its business into two independent companies. The existing legal entity will become MetaMask and focus solely on the consumer wallet, while a newly formed entity called Consensys will take over Ethereum protocols and infrastructure for banks and funds. The decision was announced on Wednesday, September 9, with a plan to complete the split by the end of 2026.
What the company announced
Consensys was founded in 2014 by Joseph Lubin, one of Ethereum's co-founders. The company released the MetaMask wallet in 2016 as a browser extension, and it eventually became the most widely used tool for interacting with decentralized applications on Ethereum. Since then the company grew into a structure that combined wallet development, infrastructure products for developers, and services for banks and funds under one roof. Now those business lines are splitting apart for good.
The company currently operating as Consensys Software Inc. will rename itself MetaMask and focus exclusively on the wallet and related products. The second, newly formed entity will take the name Consensys and will be responsible for Ethereum protocols as well as blockchain infrastructure for institutional clients.
According to the company, both businesses will operate independently of each other. MetaMask will run the consumer side, while Consensys will handle the technology base for banks, payment providers, and asset managers. The company released the details through an official statement and a post from the MetaMask account on X.
Who will lead the two companies
MetaMask will be led by Consensys co-founder Joe Lubin as chairman and CEO. Leadership of the new Consensys falls to CEO Mike Kriak and President David Cunningham, while Lubin stays on there as executive chairman without a day-to-day operating role.
This leadership split lets Lubin focus specifically on the consumer product. Kriak and Cunningham will run the day-to-day operations of the new Consensys, while Lubin will hold only an oversight role there.
What each side is getting
The new Consensys will keep developing the Linea layer-2 network, which the company launched back in 2023, along with other technologies that previously served institutional clients. The product lineup includes:
- Linea, an Ethereum layer-2 network for institutional clients and payment integrations
- Besu, an Ethereum execution client that banks use in permissioned networks
- Teku, an Ethereum consensus client for network validators
MetaMask, for its part, will move beyond simply storing assets. In June the company launched Money Account, a self-custody feature that combines stablecoin yield, payments, and trading in a single balance. At the time, MetaMask Senior Director of Product Johann Bornman said the company was moving toward a neo-banking experience within the wallet. Last December the wallet added Bitcoin support, having added Solana support shortly before, letting users manage assets beyond the Ethereum network. In 2025 MetaMask launched its own mUSD stablecoin on Ethereum and Linea, with plans to use the token for payments through the wallet's debit card.
The self-custody wallet market has grown more crowded in recent years. Alongside MetaMask, users increasingly turn to multi-chain alternatives such as Rabby Wallet or Phantom, which have also expanded support for several blockchains at once. A standalone structure under the MetaMask brand gives the company the resources to compete specifically in that segment without splitting focus with institutional contracts.
Context and what comes next
Joe Lubin explained the reasoning behind the decision in the company's statement.
"MetaMask grew out of that work into the world's most widely used self-custodial wallet, and today it's becoming something larger: a platform where people don't just hold their assets, but manage their money in its many diverse forms."
- Joe Lubin, chairman and CEO of MetaMask, from the company's statement on September 9, 2026
According to Lubin, both companies will keep building the shared Ethereum infrastructure, but each will focus on the priorities of its own market segment: MetaMask on retail users, the new Consensys on banks and financial institutions.
For banks and payment providers, a standalone institutional structure means a partner focused solely on their needs, without competing for resources with the company's consumer side. For wallet users, the company said the ownership change will not affect how the product works.
The split is expected to be completed by the end of 2026. The company has not yet disclosed further details about the transition period, such as any possible changes to the wallet's legal terms of use.
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