On February 1, blockchain infrastructure company Consensys revealed that it had acquired the Ethereum-based wallet Mycrypto and planned to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed, but the announcement notes that the acquisition will “further improve the security of all products.”
Consensys gets Mycrypto Ethereum wallet and plans to merge with Metamask in the future
Consensys acquired Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement on Tuesday. The deal aims to bolster the company’s Ethereum Metamask wallet and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces “will provide users with an even more expansive and secure heightened experience,” according to Consensys.
Consensys is an Ethereum software company led by one of Ethereum’s co-founders, Joseph Lubin. The Web3 Metamask wallet, with 21 million monthly active users (MAUs) is owned by Consensys. In mid-December 2021, Consensys unveiled a rollup scaling solution with payments giant Mastercard. Dan Finlay, co-founder of Metamask, believes that the combination of Mycrypto and Metamask will give Ethereum users a robust wallet interface.
“Mycrypto has always been one of the most reliable and inter-compatible Ethereum wallets, often offering cutting-edge Ethereum functionality before other wallets, while Metamask has focused on general-purpose dapp interactions,” said Finlay said in a statement sent to Bitcoin.com. News. finlay added:
With our combined talents and strong sense of ethics and shared goals for this ecosystem, I believe we will be able to provide a much better wallet experience to help its users make the best decisions in this landscape. rapidly evolving Web3 portfolio. .
Web3 wallets of alternative chains on the heels of Metamask, Consensys believes that “Mycrypto wallet will make possible rich integrations in Metamask”
While Metamask has been very popular not only among users of the Ethereum network, but also among those who exploit cross-chain technology. However, many other blockchains and their Web3 wallets are beginning to nip Metamask’s heels. Wallets such as Binance Smart Chain Wallet, Keplr, Terra Station and Phantom. The Solana-based Phantom wallet revealed on January 31 that it raised $109 million in a Series B led by Paradigm.
The alternative blockchains operated by the aforementioned Web3 wallets are also all supported by Metamask. Consensys believes that the acquisition of Mycrypto “will allow for richer integrations into Metamask”. For now, Mycrypto and Metamask will remain separate entities under the Consensys wing.
“With the rapid growth of the ecosystem and products rushing to offer nifty features, it is imperative that the leading wallet continues to create foundational and secure self-preservation tools that empower the user” , said Taylor Monahan, founder and CEO of Mycrypto. “Combining our years of experience and our shared values allows us to accelerate our mission to provide users with a means to fully realize their self-sovereignty.”
What do you think of Consensys’ acquisition of the Mycrypto wallet? Let us know what you think about this topic in the comments section below.
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