ConsenSys, a Blockchain software firm, announced the acquisition of MyCrypto, a market-leading Web3 wallet. Following the acquisition, ConsenSys will combine MyCrypto with its popular MetaMask wallet. MetaMask and MyCrypto will integrate their efforts under a shared brand to enhance the security of all their products and build a cohesive user experience across browser, extension, mobile and desktop wallets.
MetaMask, which has 21 million monthly active users, expects the acquisition to provide it with more platforms and widen its integrations. MyCrypto’s Ethereum wallet provides accessible and secure Web3 solutions through browsers and desktop applications. Currently, MetaMask’s focus is on general-purpose DApp interactions, and its non-custodial crypto wallet only offers web browser extensions and mobile apps.
Although the eventual goal is to integrate MyCrypto and MetaMask wallets, the products will remain independent under the same brand in the near term. The combined products will be headed by Taylor Monahan, the Founder and CEO of MyCrypto, alongside the MetaMask Co-Founders, Dan Finlay and Aaron Davis.
Dan Finlay, the Co-Founder of MetaMask, stated: “MyCrypto has consistently been one of the most reliable and intercompatible wallets in Ethereum, often shipping cutting-edge Ethereum features ahead of other wallets, while MetaMask has focused on general-purpose dapp interactions. 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 Web3 wallet landscape.”
Why Web3 Solutions Gain Attraction
The integration between MetaMask and MyCrypto comes at a time when the popularity of Web3 solutions has significantly increased. The appeal of Web3 is in its decentralized nature. So, instead of users accessing the internet through services mediated by the likes of Facebook, Google and Apple, it is individuals themselves who control and own pieces of the internet. Web3 does not require 'permission', and this means that central authorities do not dictate who uses what services. With Web3, there will be no need for intermediaries facilitating virtual transactions between two or more parties. Users will be doing such roles between themselves. Furthermore, Web3 protects user privacy better. One aspect of Web3 that is gaining a lot of traction is decentralized finance (DeFi), which involves conducting financial transactions on the blockchain without assistance from the government or banks. Meanwhile, a growing number of venture capital firms and large companies are already investing huge sums to develop Web3.
