ConsenSys acquires MyCrypto: Plans to team up with MetaMask

ConsenSys, a renowned Ethereum software corporation, just announced its acquisition of MyCrypto. MyCrypto is an open-source platform that allows you to manage your Ethereum accounts in a safe and accessible setting. They also intend to integrate with MetaMask ultimately. They made the announcement through their official blog post.

MetaMask and MyCrypto will be tying their efforts under a unified brand to strengthen the security of all the products and offer a consistent user experience across desktop, mobile, extension, and browser wallets.

MetaMask has focused on general-purpose dapp interactions and has developed to become the world’s biggest non-custodial crypto wallet for mobile and browser extensions with over 21 million monthly active users. MetaMask and MyCrypto visions to give users a heightened experience that is even more extensive and safe through this collaboration.

“User safety and product security are the key facets of both MetaMask and MyCrypto,” said Taylor Monahan, founder, and CEO of MyCrypto. Security, she added, is of growing relevance as the ecosystem evolves and a wider broad variety of individuals enter the crypto realm.

“We want to make sure that everyone has a nice experience with cryptocurrencies. Namely, not losing all of their crypto.”

The collaboration with MyCrypto will not only introduce MetaMask to further platforms and stimulate further integrations with the wallet, but it will also give users a better and more secure experience.

ConsenSys did not reveal the terms of the acquisition. They highlighted that both wallets would continue to function individually shortly with the final purpose of incorporating features and branding.

Crypto wallets and their safety concerns

Crypto wallets, including Metamask, have been victimized for easy to breach security systems. A cryptographer and security analyst Alexandru Lupascu pointed out a vulnerability of Metamask that can jeopardize the funds of 21 million users. Cold wallets, including Trezor, were hacked by an engineer, who went out and explained in a video of the process.

The recent spree of hacks has put users in a tight spot whether their funds are safe. Collaborations like this with an intention to provide a more secure platform for users will soon grow to fame.