Consensys is separating its consumer and institutional businesses into two independently operated companies, with MetaMask becoming a standalone company by the end of 2026.
Under the restructuring announced on September 9, the company’s consumer business will operate under the MetaMask name. Its protocols and institutional infrastructure operations, including Linea and other enterprise blockchain services, will move into a separate company that will continue operating as Consensys.
Ethereum co-founder Joe Lubin will serve as chairman and CEO of MetaMask. The newly formed Consensys will be led by Mike Kriak as chief executive officer, David Cunningham as president, and Lubin as executive chairman.
The restructuring establishes MetaMask as a standalone consumer finance company and Consensys as a separate institutional and Ethereum infrastructure business. The separation is expected to be completed by the end of 2026.
MetaMask Becomes Its Own Company
The existing Consensys Software Inc. will retain its corporate identity but change its name to MetaMask and focus exclusively on consumer-facing financial products.
MetaMask has grown beyond its original role as a self-custodial crypto wallet. In a post on X, Joseph Lubin said:
“For over a decade, our teams helped build the foundations of Ethereum. MetaMask grew out of that work with a simple bet: people should be able to interact with Ethereum directly and control their own assets.”
The company now describes its broader direction as an Open Money platform, combining crypto and traditional financial services.
Its recently launched Money Account brings earning, spending and trading into one self-custodial account. The platform is also expanding into payments, savings, and investing.
| Business | New Structure | Leadership |
| MetaMask | Independent consumer finance company | Joe Lubin, Chairman and CEO |
| Consensys | Ethereum protocols and institutional infrastructure | Mike Kriak, CEO |
| Consensys | Institutional leadership | David Cunningham, President |
| Consensys | Executive oversight | Joe Lubin, Executive Chairman |
| Separation | Two independently operated companies | Expected by the end of 2026 |
Table 1. How Consensys will separate MetaMask from its institutional business.
New Consensys Will Focus on Institutional Blockchain Infrastructure
The newly formed Consensys will take control of the company’s protocols and infrastructure services for institutions. It will focus on banks, asset managers, payment providers, and other financial companies using blockchain technology.
The business will include Linea, the Ethereum Layer 2 network, along with Besu and Teku, which are part of Consensys’ Ethereum software tools. The company plans to support areas such as tokenization, stablecoins, and faster blockchain-based payments and settlements.
Consensys said more institutions are moving from testing blockchain technology to using it in real businesses. Separating this business from MetaMask will give Consensys its own leadership and investment plans.
The restructuring also separates two businesses with different goals. MetaMask is focused on consumer finance, helping users hold, spend, save, and trade through a self-custodial platform. Consensys will focus on blockchain infrastructure for institutions and financial markets.
The company will continue developing Ethereum and Linea while providing blockchain tools for financial institutions and businesses. The separation is expected to be completed by the end of 2026.
The MASK Token Remains Unconfirmed
The restructuring also failed to settle another long-running question: whether MetaMask will launch its own cryptocurrency.
Lubin said in 2025 that a MASK token was coming and connected the project to efforts to decentralize parts of the MetaMask platform. At the time, he indicated that the launch could happen sooner than expected.
MetaMask still has not launched an official MASK token. The latest corporate announcement did not provide a launch date or new details about the asset. Following the split announcement, MetaMask also did not clarify its plans for a token or provide a new IPO timeline, according to Fortune.
That keeps the token question separate from the corporate restructuring. Becoming a standalone company does not confirm that a MASK launch is imminent.
What Comes Next
The separation is expected to be completed by the end of 2026, after which MetaMask and Consensys will operate independently.
MetaMask will focus on its Open Money platform and continue expanding into payments, savings, investing, and other consumer financial services. The new Consensys will concentrate on Ethereum protocols, Linea, and blockchain infrastructure for institutions.
The next major questions will be whether MetaMask or Consensys eventually pursue a public listing and whether MetaMask follows through on Lubin’s earlier comments about a MASK token.
What This Means for You: MetaMask users are not being asked to move their wallets or funds as part of the announced separation. The immediate change is corporate, not a change to the wallet itself. The bigger development is MetaMask’s shift from a crypto wallet into a broader self-custodial financial platform, while Consensys focuses more heavily on institutional blockchain infrastructure.
