ConsenSys Acquires Wallet Manager MyCrypto
- Although the two brands will initially operate separately, the ultimate goal is to have MyCrypto merge with MetaMask over time.
- Part of ConsenSys’ decision to acquire MyCrypto was its developer team, and their shared focus on user safety and security.
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The company behind the MetaMask crypto wallet, ConsenSys, has acquired Ethereum wallet manager MyCrypto for an undisclosed amount, the company revealed in a press release on 1 February.
According to the announcement, the two brands will initially stay separate, though ConsenSys plans to merge MyCrypto with its MetaMask wallet over time. Part of ConsenSys’ decision to acquire MyCrypto was its developer talent — the teams of both companies have known each other since 2016 — and their focus on user safety and security. Dan Finlay, co-founder of MetaMask, said in a statement:
“With our talents combined, and our strong sense of shared ethics and goals for this ecosystem, I think we’ll be able to provide a wallet experience that is much more able to help its users make the best decisions through this rapidly evolving Web3 wallet landscape.”
Through the acquisition, ConsenSys will gain MyCrypto’s experience in building desktop apps, which will be used to further improve MetaMask’s security and anti-phishing processes, create developer documentation, and enable a shared team across the core libraries for its products.
ConsenSys also pointed out that once the MyCrypto integration has been completed, it will be possible to have more rich integrations in MetaMask, which currently has more than 21 million monthly active users. The company has a valuation of around $3.2 billion, which was reached last November after a $200 million financing round.
- MetaMask expanded its partnership with MoonPay to allow users in Nigeria to buy cryptocurrencies directly from its mobile wallet app and Portfolio dApp.
- MetaMask noted that the new crypto on-ramp feature will be expanded to other African countries in the coming month, including Kenya, Botswana, and South Africa.
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- Stablecoin issuer Paxos has engaged the SEC in “constructive discussions” over its allegation that BUSD is a security, ready to defend its position in litigation.
- The company also revealed it will be ending its relationship with Binance, but noted that the decision was separate from the NYDFS and SEC investigations.
- Paxos confirmed it had received a Wells Notice from the U.S. SEC on 3 February, that claimed BUSD was an unregistered security.
- The company said it “categorically disagrees” with the SEC’s claim, and that it was prepared to “vigorously litigate if necessary”.