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ConsenSys obtains MyCrypto to 'improve the security’ of its services

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MyCrypto and MetaMask will merge tech and teams to develop the optimal wallet. The terms of the agreement were not revealed.

ConsenSys revealed on Tuesday that it had acquired MyCrypto, an Ethereum wallet interface provider, to expand its product line. It plans to combine MyCrypto and the MetaMask wallet, which is owned by ConsenSys, to "improve the security of all the products and create a cohesive user experience across desktop, mobile, extension and browser wallets."

According to its website, MetaMask has 21 million monthly active users and is one of the fastest-growing non-custodial Ethereum wallets and browser extensions. The merger of MetaMask's mobile apps and browser extensions and MyCrypto's web product and desktop software, according to MetaMask co-founder Dan Finlay, would "connect people to the world of Web3 in even more ways."

In a blog post, MyCrypto outlined how it will collaborate with MetaMask "to lead the way to Web3" and also how they share the aim of "build the perfect wallet." An optimal wallet will be progressively decentralized and trustless, prioritize user privacy and protection, and provide ease of access across multiple user accounts, protocols, and networks.

Besides minor upgrades such as UX improvements, network management, error messages, and a dark mode, MyCrypto confirmed that the user experience will not change shortly. Users of MyCrypto or MetaMask need not take any move right now. However, both wallets are expected to integrate "slowly" into a "comprehensive, Ethereum-first suite of open-source, non-custodial product offerings" in the long run.

MetaMask co-founders Dan Finlay and Aaron Davis, and also MyCrypto founder Taylor Monahan, will manage the new desktop, mobile, extension, and browser development team, according to ConsenSys, with MyCrypto's 12 staff joining ConsenSys.

After securing $200 million in November 2021, ConsenSys was valued at $3.2 billion.

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