ConsenSys to Beef up MetaMask Security With Latest Crypto Acquisition

On Feb. 1, ConsenSys announced that it had acquired MyCrypto, an open-source platform that allows users to manage Ethereum (ETH) accounts privately and securely.

The announcement added that MyCrypto will “combine efforts” with the firms leading crypto wallet, MetaMask, in order to further improve security and create a unified user experience across desktop, mobile, extension, and browser wallets.

MyCrypto was started in 2015 and has become one of the most stable and compatible Ethereum wallet platforms. The more popular MetaMask has been focused on general dapp (decentralized application) integration and has garnered more than 21 million users.

Security and Web3 Improvements

Engineers and MyCrypto and MetaMask have already been working on security improvements such as a phishing detection service for the popular wallet. Phishing is a cyber-attack in which a malicious actor poses as a trusted person or organization to trick potential victims into sharing sensitive information or sending them money. MetaMask users have been on the end of a rising tide of these types of attacks recently.

Dan Finlay, the co-founder of MetaMask, commented that MyCrypto often shipped cutting-edge Ethereum features ahead of other wallets, before adding:

“I think well 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,”

The MyCrypto team has a lot of experience building smart contracts which will enable a broad spectrum of new integrations for MetaMask. MyCryptos tiny team of 12 employees will be joining ConsenSys, the announcement added as the eventual goal is to merge the features and brands of both companies.