ConsenSys acquires MyCrypto to ‘improve the security’ of its products

ConsenSys, a software company, announced Tuesday that it has acquired MyCrypto (the Ethereum wallet interface provider), adding it to its product portfolio. ConsenSys intends to combine MyCrypto and the MetaMask wallet it owns, in order to “improve security and create a cohesive user interface across desktop, mobile and extension wallets.”

We are thrilled to welcome the @MyCrypto Team to @MetaMask Since 2016, the two teams have been close friends and Ethereum colleagues. Together we will continue to build increasingly user-centric, extensible, and decentralized products.https://t.co/A7y8pkrg7f
— Joseph Lubin (@ethereumJoseph), February 1, 2022

According to MetaMask’s website, it currently has 21 million active monthly users and is one the fastest-growing non custodial Ethereum wallets. Dan Finlay, co-founder of MetaMask, stated that he believes that the combination of MetaMask’s mobile apps and browser extension and MyCrypto’s web product or desktop application will “connect people with the worlds Web3 in more ways.”

Similar: MetaMask’s multichain institution custody feature

In a blog post, MyCrypto also explained how it would work with MetaMask to “lead the way to Web3” as well as their shared goal of “building the perfect wallet.” An ideal wallet will be more decentralized and trustworthy, prioritize user safety, and provide seamless access across multiple user accounts, protocols, and networks.

MyCrypto stated that the user experience won’t change in the near future, except for small updates such as UX improvements and network handling errors messages. At this point, neither MyCrypto nor MetaMask users are required to take any actions. However, the two wallets will “slowly” merge to create a comprehensive, Ethereum-first suite open-source, non custodial product offering.

ConsenSys reports that MetaMask founders Dan Finlay, Aaron Davis and Taylor Monahan, MyCrypto founders, will be leading the new desktop, mobile extension, and browser product teams. ConsenSys will also include MyCrypto employees.

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

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