ConsenSys announced on Tuesday that it has acquired MyCrypto, an Ethereum wallet interface provider, adding it to the software company’s product line. The goal is to integrate MyCrypto with the MetaMask wallet owned by ConsenSys to “improve the security of all products and create a unified user experience across desktops, mobile devices, browser extensions and wallets.”
According to their website, MetaMask currently has 21 million monthly active users and is one of the fastest growing Ethereum wallets and storage-free browser extensions. Dan Finlay, co-founder of MetaMask, said he expects the combination of MetaMask mobile apps with browser extensions, the web product, and the MyCrypto desktop app to “connect people to the Web3 world in multiple ways.”
Related Topics: A new multi-chain institutional depository feature has been added to MetaMask.
Similarly, MyCrypto explained in a blog post how it will work with MetaMask to “point the way to Web3”, and that they have a common goal of “creating the perfect wallet”. Features of the ideal wallet include becoming increasingly decentralized and insecure, prioritizing user security and safety, and allowing seamless access to various user accounts, protocols, and networks.
MyCrypto has made it clear that the user interface will not change in the short term, other than minor updates such as UX improvements, network management, error messages, and dark mode. No action is required from MyCrypto or MetaMask users at this time. However, in the long term, both wallets will “gradually” merge into “the first comprehensive suite of open source, walletless Ethereum products.”
According to ConsenSys, MetaMask founders Dan Finlay and Aaron Davis, along with MyCrypto founder Taylor Monahan, will lead a team to develop new products for desktop, mobile, extensions and browsers, while 12 MyCrypto employees will join ConsenSys.
ConsenSys reached $3.2 billion in value after raising $200 million in November 2021.