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You are here: Home / Bitcoin Industry News / ConsenSys Acquires Ethereum Wallet MyCrypto, Plans to Merge It With MetaMask

February 1, 2022

ConsenSys Acquires Ethereum Wallet MyCrypto, Plans to Merge It With MetaMask

ConsenSys said Tuesday it acquired Ethereum wallet MyCrypto, for undisclosed terms. MyCrypto will eventually merge with ConsenSys’ hugely popular MetaMask wallet.

“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 Web 3 wallet landscape,” said Dan Finlay, co-founder of MetaMask.

MetaMask currently has 21 million monthly active users, but the acquisition would bring the wallet to more platforms and deepen its integrations as it is currently offered only through mobile apps and web browser extensions. MyCrypto offers its Ethereum account management solutions through browsers and desktop applications.

User safety and product security are hallmarks to both MetaMask and MyCrypto, said Taylor Monahan, founder and CEO of MyCrypto, speaking with CoinDesk. Security, she said, is of increasing importance as the ecosystem grows and a more diverse range of people enter the crypto space. “We want to make sure that everyone has a good experience with cryptocurrency. Namely, not losing all of their crypto.”

While the eventual goal is to combine the MyCrypto and MetaMask wallets, the products will remain independent under the same brand umbrella in the near term. The teams don’t have a timeline for the merger, added Monahan, preferring instead to allow the process to happen organically. The unified products will be headed by Monahan, alongside MetaMask co-founders Dan Finlay and Aaron Davis. MyCrypto’s team of 12 employees will also join ConsenSys.

Led by Ethereum co-founder Joseph Lubin, Brooklyn, N.Y.-based ConsenSys is a titan in the Ethereum ecosystem, having developed a blockchain product suite that includes Diligence for smart contract audits and security, blockchain for business protocol Quorum and developer toolkit Truffle.

In November ConsenSys raised $200 million in a funding round at a $3.2 billion valuation.

Read more: ConsenSys Collaborates With Mastercard on New Ethereum Scaling System

Author: Brandy Betz

Filed Under: Bitcoin Industry News

Expert Witness

Ty Sagalow head shotTy Sagalow's unique background in legal, underwriting, policy drafting and claims – and his designation as a “qualified insurance expert” by the United States District Court for the Southern District of California – offers attorneys an unparalleled resource in D&O, E&O and Cyber insurance coverage disputes. He was also named "Most Helpful Expert" in a recent $8.7M coverage decision.

Mr. Sagalow served as Chief Underwriting Officer and General Counsel for AIG Executive Liability (formerly National Union Fire Insurance Company of Pittsburgh, PA), the world’s largest carrier of Directors and Officers Liability and Professional Liability Insurance. As General Counsel, Mr. Sagalow personally wrote or led teams that wrote all the D&O policies and many of the professional liability policies that AIG produced between 1988 and 2000 – policies which continue to serve as the foundational wording for the D&O and professional liability policies in the market today. As AIG Executive Liability’s Chief Underwriting Officer, Mr. Sagalow was charged with all underwriting interpretations and decisions for AIG D&O/E&O policies. In 2009, Mr. Sagalow headed up the team that rewrote all D&O policies for Zurich North America.

Ty is a cum laude graduate of Georgetown University Law Center and holds a LLM from New York University School of Law.

Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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