Consensys Software Inc. plans to create two independent companies, separating MetaMask from its protocols and institutional infrastructure business, with Mike Kriak slated to become CEO of the new Consensys.
Consensys Software Inc. would continue under the MetaMask name, with Joe Lubin as chairman and CEO. The protocols group and institutional infrastructure operation, including Linea, would move to a newly formed Consensys. David Cunningham is slated to be its president, while Lubin would serve as executive chairman. Consensys announced the plan Sept. 9.
The company said each business needs its own leadership and investment strategy. It pointed to wider consumer use of self-custody and financial institutions moving blockchain projects from trials into operational use. In its Sept. 9 announcement, Consensys reported that MetaMask had more than 100 million downloads across about 190 countries and had facilitated trillions of dollars in cumulative transaction volume.
In a profile interview with CoinGape, Kriak said he wants financial institutions to run live markets on Consensys infrastructure and enable transactions between separate networks. He described the shift in his responsibilities this way: “I am no longer allocating across many bets; I am accountable for one.”
Consensys and UK-based ClearToken announced a partnership Oct. 8 intended to support around-the-clock settlement infrastructure for tokenized assets and cash. On Nov. 2, Consensys introduced Sovereign Network Interoperability, a product intended to help institutions coordinate activity among separately operated ledgers. The company listed securities settlement, cross-currency payments, collateral mobility, and fund and asset servicing as potential uses. The announcements did not say either effort was already operating in live markets.
A Consensys blog post said Kriak joined the company in 2018 after serving as Mashable’s chief operating officer. In 2023, Consensys identified him as CEO of Consensys Mesh. The planned division follows a 2020 restructuring that separated the company’s software operations from its venture activity. The Sept. 9 announcement gave no separate revenue, valuation or staffing figures for the two businesses. Consensys expects to complete the separation by the end of 2026.
