Ethereum giant Consensys spins off flagship MetaMask wallet, stays mum on IPO and token plans

One of the crypto industry’s oldest firms is splitting in two. Consensys announced on Wednesday that it is rebranding as MetaMask, which is the name of its flagship wallet product. This unit will operate as an independent corporate entity, focused entirely on its consumer MetaMask platform, while the rest of the firm’s operations—which include various protocols and Ethereum software for institutions—will be housed in a new and separate unit.

Under the new corporate arrangement, Consensys founder Joe Lubin will be CEO of the standalone MetaMask unit, while longtime executive Mike Kriak will lead the new, institution-focused entity that will carry on the legacy Consensys name. Lubin will also serve as Executive Chairman of the latter.

In an interview with Fortune, Lubin explained the decision to split the company came upon recognizing that its consumer-focused MetaMask operation was accruing value at a more rapid pace than the rest of Consensys’s business units.

The shake-up comes at a delicate moment in the corporate evolution of Consensys. Founded over a decade ago in Brooklyn as an Ethereum........

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