MyCrypto has been acquired by ConsenSys, the Ethereum incubator behind tools such as Infura and Truffle and the development of the MetaMask wallet.

Yesterday, the company announced that it had acquired MyCrypto, which operates a platform that offers wallets to securely manage Ethereum addresses.

The startup and its 12 employees will partner with MetaMask under the supervision of ConsenSys.

Although nothing has changed for users of either product in the near future, MyCrypto founder and CEO Taylor Monahan will form a trio with MetaMask founders Dan Finlay and Aaron Davis as they look to fuse their offerings and brands together. gradually.

Explaining the reason for the deal, Monahan stated:

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It has become really clear that we share many values

And their products and ours can fit together to have a greater impact.

Finlay believes MetaMask and MyCrypto can improve each other’s offerings.

While MyCrypto focuses on its web browsers and desktop applications, the strength of MetaMask lies in the mobile app and browser extension, as well as its integration with Ethereum DApps, where the wallet has a presence almost everywhere.

Rapid and Incremental Growth:

The “MetaMask” wallet has experienced rapid growth as the number of its monthly users increased from 1 million in October 2020 to 21 million in November 2021.

The rapid and incremental growth has been met with vitriol as the portfolio has been criticized for not being intuitive or fast enough.

Monahan noted that it is difficult to keep pace with an industry whose use cases are changing to include not only DeFi investing and finance, but also expansion towards NFT and DAO.

ConsenSys declined to share the financial details of the deal, but it is in the midst of a game to dominate the Ethereum software market.

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In November, the company raised $200 million in $3.2 billion in Series B funding.

The company will need this money to help Ethereum compete with other blockchain networks, which are seeking to compete by offering DeFi applications that allow individuals to lend, borrow or trade cryptocurrency without going through an intermediary, and on faster and less congested networks.

This week, Solana-based crypto wallet Phantom raised $109 million in Series B funding, raising its valuation to $1.2 billion.

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