Consensys has spun off its flagship wallet MetaMask into a separate entity, with founder Joe Lubin serving as CEO. According to PANews, the original Consensys has been renamed as a new entity focused on institutional protocols and Ethereum software and will be led by longtime executive Mike Kriak.

Lubin said the separation was driven by the faster accumulation of value in MetaMask's consumer business compared with other business units. MetaMask has expanded from an Ethereum wallet into a platform similar to a crypto neobank, adding a "main account" feature that supports multiple assets and Mastercard debit card spending, along with revenue sources including perpetual contracts and prediction markets.