Consensys Software Inc., the Ethereum-focused technology company behind MetaMask, plans to separate its consumer business from its institutional blockchain infrastructure operations, creating two independent companies by the end of 2026.
The restructuring is designed to give the two businesses separate leadership teams and strategic priorities as their products and target customers increasingly diverge. Under the proposed structure, MetaMask will operate as the consumer-focused company, while a newly structured Consensys will concentrate on Ethereum protocols and infrastructure for institutional customers.
MetaMask to Expand Beyond Crypto Wallet Services
Joe Lubin, Consensys founder, is expected to serve as chairman and CEO of MetaMask while becoming executive chairman of the new Consensys. Mike Kriak will lead the institutional infrastructure business as CEO, with David Cunningham serving as president.
MetaMask will retain its focus on self-custody but is expected to broaden its role in consumer financial services. Its planned areas of expansion include payments, savings, investing and other traditional financial products, alongside its existing wallet and decentralized application capabilities.
Consensys said MetaMask has exceeded 100 million downloads across about 190 countries and has supported transaction volume worth trillions of dollars, highlighting the scale of its consumer operation.
The company launched MetaMask in 2016 as an Ethereum browser extension. Since then, the product has evolved into a broader gateway to blockchain-based financial applications, with recent additions covering payments, yield-related services and tokenized real-world assets.
In June, Consensys announced MetaMask Money Account, which allows eligible users to earn variable annual percentage yields of up to 4% on mUSD stablecoin balances. The company said the returns are generated through decentralized finance lending strategies rather than being paid as interest by MetaMask or the stablecoin issuer.
MetaMask also expanded access to tokenized financial assets earlier this year. Consensys reported in February that eligible users outside the United States could access 200 tokenized U.S. stocks, exchange-traded funds and commodities through Ondo Global Markets.
The company also introduced a Mastercard-enabled spending card across 49 U.S. states in February. The product expanded on an offering already available in markets including Europe, Canada, Mexico, Brazil and Argentina.
New Consensys to Focus on Ethereum Infrastructure
The institutional business will bring together Consensys’ Ethereum protocol and infrastructure portfolio, including Linea, Besu and Teku.
The new structure is intended to allow these products to pursue infrastructure development and institutional adoption without having to compete with MetaMask’s consumer-focused priorities. The business is expected to target financial institutions and enterprises seeking blockchain infrastructure for tokenization, stablecoins, and other onchain financial applications.
The institutional company will focus on Ethereum protocols and infrastructure, with an emphasis on supporting financial institutions deploying blockchain technology for tokenization, stablecoins and other institutional financial services.
The separation could give developers and enterprise customers a clearer point of contact for infrastructure-related services. It may also allow teams working on Linea, Besu and Teku to prioritize reliability, scalability, tooling and enterprise integration.
For market participants, the restructuring could create clearer performance measures for the two businesses. MetaMask’s progress can increasingly be assessed through consumer adoption and the rollout of financial products, while the new Consensys can be evaluated on institutional deployments, infrastructure development and enterprise partnerships.
Strategic Separation Planned for 2026
Consensys has framed the reorganization as a response to the increasingly different objectives of its consumer and institutional operations. Rather than maintaining both businesses under one corporate structure, the company plans to give each independent leadership and a more focused growth strategy.
The separation is not yet complete, and the company has targeted the end of 2026 for finalizing the transition. Until then, users and developers will be watching whether existing products and services continue without disruption as the organizational changes proceed.
The split could mark a significant shift in Consensys’ strategy, allowing MetaMask to develop into a broader consumer financial platform while the new Consensys concentrates on institutional Ethereum infrastructure.
The move also reflects a wider evolution in blockchain technology, where consumer applications and enterprise infrastructure increasingly require different product strategies. MetaMask’s expansion into payments, yield and tokenized assets places it closer to mainstream financial services, while Consensys’ institutional portfolio remains focused on the technical infrastructure needed to support blockchain adoption at scale.
The coming months are therefore likely to provide greater clarity on how the two companies will allocate resources, develop products and pursue partnerships ahead of the planned separation.