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ETH Consensus Software Inc. announced its spin-off into two companies: MetaMask is separated from institutional business
On Wednesday, September 9, 2026, Consensus Software Inc. It was announced that it would formally split into two independent companies. Its consumer wallet business has evolved into MetaMask, while the business focusing on the Ethereum protocol and institutional software will become a new company, but will continue to retain the Consensus sys name.
This move is significant for users who use MetaMask to hold cryptocurrencies, as well as banks that rely on Consensus sys infrastructure. Entering the new year, the two companies will have their own independent leadership, balance sheets and strategic directions.
Who will be in charge of MetaMask?
The current main structure will be operated as MetaMask, with co-founder Joe Lubin serving as chairman and CEO, responsible for managing the consumer wallet and consumer products business.
The company's institutional business segments, including Linea Networks, Besu and Teku clients, will become the new Consensus. Mike Kriak will become CEO, David Cunningham will become president, and Lubin will become executive chairman.
The two companies will operate as two separate organizations and are expected to complete all separation procedures by the end of the year. Joe Lubin said the move was a response to a simple observation: the consumer side of the business is growing faster than the rest of the company.
Evolution from Wallet to "Digital Banking"
MetaMask has received more than 100 million downloads in approximately 190 countries and has processed trillions of dollars in total transactions. This forms the basis of what Lubin calls an "open money" platform, which provides a unified venue for users to hold, consume, save and add value to money in the form of cryptocurrencies and traditional assets.
"Money Account" is the main symbol of this transformation. Launched in June, the product allows users to earn an annual yield of up to 4% on mUSD stablecoin while using MetaMask for daily consumption. In addition, MetaMask Card is a Mastercard-enabled debit product that can be used to trade through perpetual contracts and forecast markets.
Lubin points out: "MetaMask has grown from this work to become the most widely used self-managed wallet in the world; today, it is growing into a larger platform-where people not only hold assets, but also manage their funds in a variety of forms and aspects."
Bet on institutional tokenization
Another new company focuses on banking and asset management. Consensus claims that financial institutions have shifted from pilot projects to actual production environments and have begun to apply tokenization, stablecoins and blockchain settlement technologies. Currently, institutions such as Citi, DTC and Wells Fargo (BNY Mellon) all operate on their Besu infrastructure.
Lubin's statement quoted Citigroup's report "Tokenization 2030" released in June this year. The report shows that by 2030, the market size of tokenized assets is expected to be between US$5.5 trillion and US$8.2 trillion.
IPO and token issues still pending
This reorganization takes place at a delicate moment in the company's development history. Consisys was founded more than a decade ago as an Ethereum incubator based in Brooklyn and moved to Texas in 2023.
The company sought a listing earlier this year, but then postponed it until the fall of 2026. However, at that time, the crypto market fell sharply and the Bitcoin price fell below the $80,000 mark. The company's last valuation was in early 2022, and after completing a US$450 million Series D financing, the valuation reached US$7 billion.
Lubin declined to disclose a future IPO date, although the newly formed MetaMask is expected to go public in the first quarter of 2027. At the same time, he also remained silent on rumors about MetaMask issuing tokens, saying that the current business environment and regulatory climate have made many companies have to think twice before launching their own cryptocurrencies.
