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ConsenSys Acquires MyCrypto To Improve ‘Security’ Of Its Products

ConsenSys announced Tuesday that it had acquired MyCrypto, the provider of the Ethereum wallet interface, and added it to the software company’s product suite. The intention is to merge MyCrypto with the MetaMask wallet owned by ConsenSys, to “enhance the security of all products and create a cohesive user experience across desktop, mobile, extension and browser wallets”. to @MetaMask! The two teams have been friends and Ethereum colleagues with shared values ​​since 2016. Together, we will continue to build ever more user-centric, extensible and decentralized products.— Joseph Lubin (@ethereumJoseph) February 1, 2022 MetaMask currently has 21 million monthly active users, according to its website, and is one of the fastest growing non-custodial Ethereum wallets and browser extensions. MetaMask co-founder Dan Finlay said he expects the combination between MetaMask’s mobile apps and browser extensions and MyCrypto’s web product and desktop application to “connect people to the world of Web3 in even more ways.” feature Similarly, MyCrypto explained in a blog post how it will partner with MetaMask “to lead the way to Web3” and that they have a common goal of “building the perfect wallet”. The characteristics of an ideal wallet include becoming increasingly decentralized and reliable, prioritizing user security and safety, and providing seamless access to various user accounts, protocols, and networks. MyCrypto clarified that the user experience will not change in the short term, apart from minor updates such as UX improvements, network handling, error messages and a dark mode. Also, no action is required from MyCrypto or MetaMask users at this time. In the long term, however, both wallets will reportedly “slowly” merge into Ethereum’s “comprehensive, first suite of open-source, non-custodial product offerings. According to ConsenSys, MetaMask co-founders Dan Finlay and Aaron Davis, in addition to MyCrypto- Founder Taylor Monahan will lead the new desktop, mobile, extension and browser product team, while MyCrypto’s 12 employees will join ConsenSys, which reached a valuation of $3.2 billion after raising $200 million in November 2021.
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