To create the optimal wallet, MyCrypto and MetaMask will combine their technological capabilities and expertise. The agreement’s terms were kept under wraps.
The Ethereum wallet interface provider MyCrypto was obtained by ConsenSys, which added it to the software company’s product line, according to a statement released on Tuesday. To enhance the security of all the products and produce a unified user experience across desktop, mobile, extension, and browser wallets, MyCrypto will be merged with the wallet owned by ConsenSys, called MetaMask.
According to its website, MetaMask boasts 21 million active monthly users and is one of the non-custodial Ethereum wallets and browser extensions with the fastest growth rates. Dan Finlay, a co-founder of MetaMask, stated that he anticipates that the union of MyCrypto’s online product and desktop application with MetaMask’s mobile apps and browser extensions would allow users to connect to Web3 in even more ways.
Similar to this, MyCrypto detailed in a blog post how it will collaborate with MetaMask to pave the way for Web3 and how their joint objective is to create the ideal wallet. The qualities of the ideal wallet include growing more decentralized and trustworthy, prioritizing user security and safety, and enabling seamless access across numerous user accounts, protocols, and networks.
MyCrypto made it clear that, except for minor changes like UX enhancements, network management, error warnings, and a dark mode, the user experience will not change shortly. At this time, neither MyCrypto nor MetaMask users are required to take any action. However, it is said that over time, both wallets will gradually converge into a comprehensive, Ethereum-first suite of open-source, non-custodial product offerings.
Dan Finlay and Aaron Davis, co-founders of MetaMask, and Taylor Monahan, founder of MyCrypto, will reportedly manage the new desktop, mobile, extension, and browser development team, while ConsenSys will take on 12 people from MyCrypto.
Following a $200 million funding round in November 2021, ConsenSys’ valuation rose to $3.2 billion.