ConsenSys has acquired Ethereum wallet provider MyCrypto and will integrate it into its MetaMask product.
MetaMask and MyCrypto will work together to “enhance the security of all products and establish an uniform user experience across desktop wallets, mobile wallets, extensions, and browsers,” according to the company’s official blog post announcing the acquisition on Tuesday.
According to the company, MetaMask currently has more than 21 million monthly active users. It is also one of the most widely used cryptocurrency wallets, owing to its stability, interoperability, and ability to provide secure storage.
The integration with MyCrypto will not only increase the user base but will also increase security. MetaMask co-founder Dan Finlay commented on the acquisition as follows:
MyCrypto has always been one of the most reliable and interconnected wallets in Ethereum. It often introduces new features of Ethereum before other wallets. MetaMask, on the other hand, has focused on dapp interactions as its main goal.
By combining our talents and sharing a shared sense of ethics and goals for this ecosystem, I think we will be able to create a portfolio that is much better equipped to help customers make the best decisions in a fast-growing Web3 landscape.
Although the terms of the deal were not disclosed, ConsenSys stated that both portfolios will continue to function independently soon. However, the ultimate goal is to unite both brands and their benefits.
Mr. Taylor Monahan, the founder and CEO of MyCrypto, also expressed his thoughts on the situation, stating that:
Since the ecosystem and products are developing rapidly, the leading portfolio must continue to provide fundamental and secure self-custody tools which empower the end-user. We can accelerate our mission by combining our years of experience and shared values to provide users with a way to achieve self-sufficiency.
Metamask’s Dan Finlay and Aaron Davis and MyCrypto’s Taylor Monahan will lead the unified product offering. ConsenSys will also be joined by the team of the latter company consisting of 12 employees.