Consensys Spun Off MetaMask into Separate Company

Published: September 10, 2026 – 08:30 UTC

Consensys has split MetaMask from its institutional business.
Joseph Lubin will remain connected to both entities — as MetaMask’s CEO and Consensys’ executive chairman.
Meanwhile, the company’s IPO remains in question.

Consensys has announced it is splitting its business into two separate entities: its flagship crypto wallet MetaMask will become an independent company, while protocol development and institutional software will continue under the Consensys brand. This was reported by Fortune.

Consensys founder and Ethereum co-founder Joseph Lubin will lead MetaMask and retain his role as Consensys’ executive chairman, while longtime company executive Mike Criak will become CEO of the new Consensys entity.

The decision comes as MetaMask’s consumer business has been growing faster, gradually evolving from a crypto wallet into a broader financial platform.

MetaMask Became a Separate Business

According to Lubin, the company decided to split the business after seeing that MetaMask’s consumer arm was accumulating value faster than Consensys’ other divisions. The new MetaMask will focus exclusively on user products, while a separate entity under the existing Consensys name will develop protocols and software for institutions.

Over the past few years, MetaMask has significantly expanded its feature set. According to Lubin, the wallet already looks more like a crypto-native equivalent of a neobank.

“We see a massive opportunity ahead of us as MetaMask is really maturing,” Lubin said.

One of the key additions was Master Account, which allows users to hold different assets — including cryptocurrencies and fiat currencies — in a single account and spend them using a Mastercard debit card.

MetaMask is also developing other revenue streams, including perpetual futures and prediction markets. The expansion of financial features is happening in parallel with the company’s move into tokenized assets.

As a reminder, in February 2026, MetaMask integrated Ondo Finance’s Ondo Global Markets platform, giving users access to tokenized U.S. stocks, ETFs, and commodities directly through the wallet.

In June, the company also introduced Agent Wallet in early access — a non-custodial wallet built for AI agents interacting with the Ethereum and Hyperliquid ecosystems.

Consensys Put IPO and MetaMask Token on Hold

The restructuring follows a challenging period for Consensys. The company, founded more than ten years ago as an incubator for Ethereum startups in Brooklyn, moved its headquarters to Texas in 2023, and a year later announced plans to go public in early 2026.

However, as early as May, Consensys said it had paused preparations for an IPO.

Lubin declined to comment on an updated timeline for a potential public listing.

At the same time, spinning MetaMask out into a separate company could create its own path to a public offering, although Consensys has not confirmed such plans.

A company spokesperson said:

“We don’t comment on market speculation or potential future capital markets activity. What we can say is that MetaMask and Consensys are two strong businesses operating in distinct markets, with different growth trajectories and paths to value creation. Separating them gives each company the dedicated leadership, focus and strategic flexibility to pursue its opportunity independently and maximize its long-term potential.”

Lubin also stopped short of confirming plans to launch a MetaMask token. Previously, he had repeatedly hinted at the possibility of such a move, but now noted that the current business and regulatory environment is pushing fewer companies to consider issuing their own cryptocurrencies.

Consensys’ new structure will focus on protocols and software for institutions. Lubin believes that increased activity by banks and other companies in moving parts of their operations onto blockchain could drive long-term growth for Ethereum and Consensys’ new institutional business.

Meanwhile, in July 2026, Consensys faced a security incident: the company discovered a MetaMask team developer linked to North Korea, who had access to internal systems for about a month and worked on the wallet’s code.

Сообщение Consensys Spun Off MetaMask into Separate Company появились сначала на INCRYPTED.

Source: Incrypted