Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

According to an announcement made Tuesday, Consensys purchased the Ethereum-based wallet Mycrypto. The purchase was for an undisclosed amount. According to a Tuesday announcement, the deal will strengthen the company’s Ethereum wallet Metamask as well as ‘enhance Web3 experience’. Consensys claims that the eventual merger of the two Ethereum interfaces will provide users with an enhanced experience that is more secure and extensive.

Consensys, a company that makes Ethereum software, is led by Joseph Lubin, one of the Ethereum cofounders. Consensys owns the Web3 wallet Metamask with 21 million monthly active users. Consensys unveiled a rollups scaling option with Mastercard in mid-December 2021. Dan Finlay, cofounder of Metamask, believes that Mycrypto and Metamask can provide ethereum users with a secure wallet interface.

Finlay stated that Mycrypto was consistently one of the most reliable, intercompatible wallets for Ethereum. He often shipped cutting-edge Ethereum features before other wallets. Metamask, on the other hand, has been focused on general-purpose interactions. Finlay also added:

Our combined talents, as well as our strong senses of shared ethics, goals, and values for the ecosystem, I believe we can provide a wallet experience that’s much more capable of helping its users make the right decisions in this constantly evolving Web3 wallet landscape.

Consensys believes that Mycrypto Wallet will make rich integrations in Metamask possible with Web3 Wallets from Alternative Chains

Metamask is popular not only among Ethereum network users, but also those using cross-chain technology. Metamask is being challenged by many other blockchains and their Web3 wallets. The Binance Smart Chain wallet and Keplr, Terra Station and Phantom are all examples of these wallets. Paradigm led a Series B to raise $109 million for the Phantom wallet in Solana.

Metamask supports all alternative blockchains that are leveraged by the Web3 wallets. Consensys believes that the acquisition of Mycrypto “will make it possible to have richer integrations in Metamask.” Mycrypto will be a separate entity while Metamask will be part of the Consensys wings.

Taylor Monahan (founder and CEO of Mycrypto) stated that with the rapid growth in the ecosystem and the rush to launch slick features it is crucial that the leading wallet keeps building foundational and secure self custody tools that empower users. Our shared values and years of experience allow us to accelerate the mission to help users fully realize their self-determination.