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

MyCrypto and MetaMask will be combining technology and teams to build the ideal wallet. The terms of the deal were not disclosed.

ConsenSys announced Tuesday that it had acquired MyCrypto, the Ethereum wallet interface provider, adding it to the software company’s product suite. Its intent is to merge MyCrypto with the ConsenSys-owned MetaMask wallet, to “improve the security of all the products and create a cohesive user experience across desktop, mobile, extension and browser wallets.”

We are very excited to bring the @MyCrypto team to @MetaMask! The two teams have been friends and Ethereum colleagues with shared values since 2016.

Together we will continue to build increasingly user-centric, extensible, and decentralized products.https://t.co/A7y8pkrg7f

— Joseph Lubin (@ethereumJoseph) February 1, 2022

MetaMask currently has 21 million monthly active users, according to its website, and is one of the fastest-growing non-custodial Ethereum wallets and browser extensions. MetaMask co-founder Dan Finlay said that he expects that the combination between MetaMask’s mobile apps and browser extensions and MyCrypto’s web product and desktop application will “connect people to the world of Web3 in even more ways.”

Related: MetaMask’s new inbuilt multichain institutional custody feature

Similarly, MyCrypto explained in a blog post how it will be working together with MetaMask “to lead the way to Web3” and that they have a shared goal to “build the perfect wallet.” The characteristics of an ideal wallet include becoming increasingly decentralized and trustless, prioritizing user security and safety and providing seamless access across various user accounts, protocols and networks.

MyCrypto clarified that the user experience will not be changing in the short term, apart from small updates like UX improvements, network handling, error messages and a dark mode. Neither is any action needed from MyCrypto or MetaMask users at this time. In the long-term, however, both wallets will reportedly “slowly” merge into a “comprehensive, Ethereum-first suite of open-source, non-custodial product offerings.

According to ConsenSys, MetaMask co-founders Dan Finlay and Aaron Davis, alongside MyCrypto founder Taylor Monahan, will lead the new desktop, mobile, extension and browser product team, while MyCrypto’s 12 employees will join ConsenSys.

ConsenSys reached a valuation of $3.2 billion after raising $200 million in November 2021.