Blockchain Company Consensys Acquires Ethereum-Based Wallet Mycrypto
According to a press release issued on Tuesday, Consensys has purchased the Ethereum-based wallet Mycrypto for an unknown price. The agreement intends to boost Metamask, the company's Ethereum wallet, as well as improve Web3 experiences. The eventual merger between the two Ethereum interfaces will ‘provide users with a heightened experience that is even more extensive and secure,’ according to Consensys.
Consensys is an Ethereum software company led by Joseph Lubin, one of Ethereum's co-founders. Consensys owns the Web3 wallet Metamask, which has 21 million monthly active users (MAUs). Consensys announced a rollups scalability solution with payment giant Mastercard in mid-December 2021. According to Dan Finlay, co-founder of Metamask, a combination of Mycrypto and Metamask will provide ethereum users with a comprehensive wallet interface.
Finlay said: “Mycrypto has consistently been one of the most reliable and inter-compatible wallets in Ethereum, often shipping cutting-edge Ethereum features ahead of other wallets, while Metamask has focused on general-purpose dapp interactions.”
Consensys Believes ‘Mycrypto Wallet Will Make Rich Integrations in Metamask Possible’
While Metamask is popular among Ethereum network users, it is also popular among people who use cross-chain technology. On the other hand, Web3 wallets of other blockchains are catching up to Metamask. Binance Smart Chain, Keplr, Terra Station, and Phantom are examples of such wallets. On January 31, the Solana-based Phantom wallet announced that it has secured $109 million in a Series B headed by Paradigm.
Metamask also supports all of the alternative blockchains used by the aforementioned Web3 wallets. The acquisition of Mycrypto, according to Consensys, will allow for more rich integrations in Metamask. My crypto and Metamask will remain independent organizations under the Consensys umbrella for the time being.
Taylor Monahan, founder, and CEO of Mycrypto said: “With the rapid growth of the ecosystem and products racing to ship slick features, it is imperative that the leading wallet continues to build foundational and secure self-custody tools that empower the user, Combining our years of experience and shared values allows us to accelerate our mission of providing a way for users to fully realize their self-sovereignty.”