A Landmark IPO Move by Consensys

Known for driving institutional adoption of blockchain technology, Consensys has built its reputation through a range of Web3 infrastructure solutions. The company’s IPO plan is not just about raising capital it’s a strategic effort to link the crypto industry with traditional capital markets.

According to Axios, the IPO process will be managed under the leadership of JPMorgan and Goldman Sachs, a sign that Consensys could be valued in the multi-billion-dollar range. This development also highlights Wall Street’s growing interest in blockchain-based software firms. Ahead of the IPO, Consensys has reportedly expanded its product portfolio and revenue streams through strategic investments and partnerships, particularly across its flagship products: MetaMask, Infura, and Linea  solidifying its position as a cornerstone of the Web3 ecosystem.

Wall Street’s Confidence in Crypto Grows

The decision by JPMorgan and Goldman Sachs to take leading roles in Consensys’s IPO signals a significant increase in Wall Street’s confidence in the crypto economy. Both financial giants have recently expanded their investment strategies in digital assets, tokenization, and blockchain infrastructure, demonstrating a clear shift toward embracing decentralized technologies.

This collaboration is expected to help Consensys expand its institutional investor base while accelerating the integration of the crypto sector into regulated capital markets. According to experts, once completed, Consensys could become one of the first major Web3 infrastructure companies to be publicly traded on U.S. stock exchanges. The IPO is reportedly targeted for the first half of 2025, though valuation and share price details have yet to be disclosed.

Consensys and Its Role in the Web3 Ecosystem

Founded in 2014 by Joseph Lubin, one of Ethereum’s co-founders, Consensys has played a pivotal role in developing Ethereum’s core infrastructure and advancing enterprise blockchain adoption. Today, the company serves both developers and end-users through its flagship products, including:

• MetaMask – A leading crypto wallet and Web3 user interface
• Infura – Blockchain infrastructure and API services
• Linea – A Layer-2 scaling solution
• Truffle Suite – Smart contract development tools

In 2024, Consensys expanded its capabilities across enterprise Web3 infrastructure, data privacy solutions, and AI integration, positioning itself for sustained technology-driven growth post-IPO.

A Historic Milestone for Web3: Consensys’s IPO

The upcoming Consensys IPO, led by JPMorgan and Goldman Sachs, is being hailed as a historic milestone for the blockchain industry — not only for the company but for the entire Web3 ecosystem. This development underscores the mainstreaming of Web3 technologies within traditional finance, proving that blockchain companies are now becoming integral players in global capital markets.

With MetaMask’s global influence, Consensys’s institutional strategy, and Wall Street’s backing, this IPO could become one of the largest and most symbolic public offerings in crypto history, marking a new era where decentralized technology meets traditional finance.

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MetaMask Points Program: A New Era in the Web3 Ecosystem

As the flagship product of Consensys, MetaMask has become a trusted tool among DeFi users thanks to its security and multi-chain support. The new reward points system is officially set to go live in October 2025. It is designed to track and reward user activity across MetaMask Swap, MetaMask Bridge, and the Linea network, recognizing the most active participants in the ecosystem.

A newly activated “Rewards” tab in MetaMask’s dashboard quietly confirms that the program’s launch is imminent. Through this section, users will be able to earn points based on their activity and later redeem them for tokens or exclusive perks.

Strategic Move Ahead of MASK Token Launch

Joseph Lubin, Ethereum co-founder and Consensys CEO, announced last September that the MASK token would be arriving “soon,” generating significant excitement within the community. Many analysts view the new MetaMask rewards program as a preparatory step for the MASK airdrop.

Blockchain analysts note that the program resembles airdrop strategies of popular projects like Blur and LayerZero, designed to further engage users within the ecosystem. According to some experts, long-term MetaMask users, multi-chain addresses, and those actively performing swaps or bridging transactions could potentially qualify for the airdrop. However, MetaMask has not yet disclosed any official information regarding snapshot dates, distribution criteria, or KYC requirements.

“MASK Airdrop Could Spark a New Wave in Web3”

Crypto analyst Miles Deutscher emphasizes that MetaMask’s rewards system is initiating a new transformation in Web3 user behavior. Deutscher notes:

“The MetaMask airdrop could make as much impact as Uniswap or Arbitrum. If the MASK token distribution reaches a wide user base, it could become one of the largest community events in Web3 history.”

Some experts highlight that given MetaMask’s billions of active users and extensive DeFi integrations, the MASK token is likely to see significant demand from day one.

MetaMask Expanding Beyond the Wallet

MetaMask is evolving far beyond traditional wallet services, moving toward a full-fledged Web3 finance platform. In September, the company introduced the MetaMask Card, a new payment solution that can be used digitally and physically, offering users benefits like travel perks, fee discounts, and high yield rewards.

All these developments demonstrate that MetaMask is no longer just a crypto wallet—it is becoming a super app that integrates DeFi, payment systems, and investment tools into a single platform.

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MetaMask was founded by Aaron Davis and the blockchain company ConsenSys. This guide will explore MetaMask’s features, how to install and use it, and whether it is secure.

What Is MetaMask?

MetaMask, launched in 2016, reached 400,000 users by September 2020 and hit 1 million monthly active users in October 2020. Before 2019, it was only available as a desktop browser extension for Firefox and Chrome. In September 2020, ConsenSys released the first official MetaMask mobile application for Android and iOS devices.

According to an audit by the independent security firm Least Authority, MetaMask offers top-tier security and design features. One of the key features that makes MetaMask a leading Ethereum wallet is its advanced encryption technology, which securely stores passwords and private keys on the user’s device. Additionally, it allows users to connect multiple wallets and switch between the Ethereum mainnet, major testnets, and even the Binance Smart Chain mainnet.

How to Install and Use MetaMask?

Installing the MetaMask Chrome Browser Extension

To start using MetaMask, you need to install the appropriate browser extension. The setup process is similar across different browsers. After a successful installation, click the “Get Started” button in the dialog box that appears. This will lead to the “Create a Wallet” option.

In the next step, you can choose to agree or disagree to help “Improve MetaMask.” You will then be prompted to create a password, which should be at least eight characters long, including letters, numbers, and symbols. Click “Create” and write down the 12-word seed phrase.

Seed Phrase and Backup

It is highly recommended to write down the seed phrase and store it securely, away from others. Avoid keeping a digital copy of your seed phrase, as anyone who gains access to it can fully access your wallet and likely drain your funds by importing the seed into another wallet. The seed phrase is the only way to recover your wallet if you forget your password, your device is damaged, or you want to use MetaMask on another device.

Clicking “Next” takes you to a confirmation page where you must enter the seed phrase in the exact order provided. Then, click “Confirm.” After successful confirmation, the setup process concludes with the final page, where you click “All Done” to complete the setup. You’ll be automatically logged in, ready to interact with the Ethereum ecosystem.

When logged out, click the MetaMask icon in the upper right corner of your browser and use your login credentials to access the wallet again.

Wallet Features

Within the wallet, you can view your funds in the “Assets” tab and track your transactions in the “Activity” section. To initiate a transaction, use the “Send” option to enter the recipient’s Ethereum address, the amount to send, and the gas fee you’re willing to pay.

Firefox

MetaMask is also available as a Firefox extension. Firefox users can download the MetaMask extension here.

Mobile

The mobile version offers the same functionality as the desktop browser extensions, including secure logins, key vaults, accounts, and access to Ethereum-based DApps via the DApp browser. Although it is a hot wallet (connected to the internet), MetaMask facilitates easy integration with cold wallets like Ledger, CoolWallet, KeepKey, and Trezor. To use MetaMask on Android or iOS, download the app from the Google Play Store or App Store and follow the prompts.

How to Use MetaMask?

After creating your account, you’ll see your balance and portfolio in the wallet interface. For more details, click on the portfolio tab. The bottom menu allows you to perform various actions such as Buy, Sell, Swap, Bridge, Send, and Receive.

By clicking the network tab, you can conduct transactions on your preferred blockchain. The settings section lets you customize your wallet. These features make MetaMask an intuitive and powerful tool for both beginners and experienced users.

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Improved Liquidity and Speed with OKX’s DEX API

The new feature links OKX’s DEX API to MetaMask, offering lightning-fast trades with execution times under 100 milliseconds and lower slippage. According to Jeff Ren, founder of OKX Ventures, “MetaMask’s goal of becoming a universal Web3 wallet fits perfectly with the connected blockchain ecosystem we are building.”

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First-Ever External Integration of SERVO for MEV Protection

As part of the partnership, OKX Wallet has also adopted SERVO, an MEV protection solution developed by Consensys. This marks the first time SERVO has been integrated into a third-party wallet, signaling a strong step forward for onchain trading safety.

The partnership comes amid growing DEX volumes and increased focus on decentralization. OKX’s renewed focus on safety after past DEX misuse incidents—such as attempts linked to North Korea’s Lazarus Group—highlights the exchange’s commitment to protecting its users.

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This move aligns with the Trump administration’s shift in crypto regulation, following similar case dismissals for Coinbase, Robinhood, Uniswap Labs, and OpenSea.

SEC Ends Investigation Into Web3 Gaming Platform Immutable

Immutable, an Ethereum-based gaming platform, also saw its SEC probe closed after a five-month investigation into its IMX token. No enforcement action was taken.

A Shift in SEC’s Crypto Policy

After dropping its Coinbase case, SEC acting chairman Mark T. Uyeda stated that these dismissals reflect the agency’s ongoing efforts to rectify its approach and create more transparent crypto policies.

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However, SEC clarified that these dismissals do not set a precedent for other cases.

Kraken welcomed the decision, calling it “the end of a wasteful, politically motivated campaign,” and hinted at potential IPO plans, making it the second publicly listed crypto company after Coinbase.

The SEC crypto task force announced four new roundtable discussions on digital asset regulations, set to run between April and June 2025. Task force leader Hester Peirce emphasized the importance of industry expert discussions in shaping policy.

SEC Charges Against Kraken, ConsenSys, Cumberland DRW, and Crypto.com

• Kraken was sued in November 2023 for operating as an unregistered securities exchange, broker, and clearing agency.
• ConsenSys faced legal action in June 2024 over its MetaMask Staking service, allegedly offering unregistered securities.
• Cumberland DRW, a Chicago-based trading firm, was accused in October 2024 of acting as an unregistered dealer, handling over $2 billion in crypto assets.
• Crypto.com was also cleared of any wrongdoing as SEC officially closed its investigation.

Under acting chairman Uyeda, SEC has taken a more collaborative approach, signaling a departure from strict enforcement policies.

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The SEC’s lack of clarity on digital asset companies has been criticized in the crypto sector. SEC Chairman Gary Gensler said that existing laws are clear enough, but continues to file lawsuits against crypto leaders like Consensys.

Founded in Brooklyn in 2014, Consensys pioneered the development of blockchain by offering products for the Ethereum ecosystem, such as MetaMask. However, regulatory uncertainty has limited the company’s activities. Lubin filed a lawsuit with the SEC earlier this year to confirm that Ethereum is not a security, but the federal court dismissed the lawsuit.

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Lubin, who noted that the layoffs will affect all units, described the decision as “difficult but necessary” and added that those who were laid off were offered generous severance packages. It is stated that Consensys will accelerate the transition to a decentralized “network state” in the future.

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Thursday Judge Reed O’Connor of the Fort Worth Division of the U.S. District Court for the Northern District of Texas rejected Consensys‘ allegations and sided with the SEC.

Judge O’Connor said, “For the reasons stated above, Defendants’ Motion to Dismiss Plaintiff’s ETH claims is GRANTED, and Counts I, II, and III are DISMISSED AS MOOT. Plaintiff concedes it is not pursuing an APA claim under Count IV. Finally, Defendants’ Motion to Dismiss Plaintiff’s MetaMask for lack of subject matter jurisdiction is hereby GRANTED. Accordingly, this action is dismissed without prejudice.”

In April, Consensys filed a lawsuit against the SEC partly on the agency’s security classification of ether. Consensys claimed the SEC has declared ETH is a security and has “trained its sights” on the Metamask software of the company. The complaint also mentioned by the company that SEC employees delivered Consensys a Wells notice in April, thereby indicating a formal warning that the agency intends to take enforcement action against them.

Later in June, Consensys stated it was informed the SEC was ending its probe into Ethereum—at the time hailed as a “major win” for the sector. Consensys stated it still intended to pursue the action since it was also seeking a “declaration that offering the user interface software MetaMask Swaps and Staking does not violate the securities laws.”

The SEC then sued Consensys in July on its non-registration as a broker via its Metamask swaps operation. Filed at the Eastern District of New York’s U.S. District Court, the lawsuit

Regarding MetaMask, Judge O’Connor declared none of the SEC’s actions were “final.”

The judge said, “Because Plaintiff has not identified final agency action that would render the claim fit for judicial review and because withholding consideration subjects Plaintiff to scant, if any, hardship, the claim lacks a ripe case or controversy. Defendants’ Motion to Dismiss Plaintiff’s MetaMask claim on ripeness grounds is GRANTED.”

Consensys added, in reference to the SEC in New York, it would “keep fighting for the rights of blockchain developers”.

“Outside of court, we have also seen signs of what could be a momentous step change in Washington’s sentiment towards cryptocurrencies and digital assets during a crucial period for U.S. politics,” the company said in an email statement. “We are on the right path, but must remain vigilant.”

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Last week, Consensys, which is a software developer, sued the SEC, which has brought Ethereum into the media. They are angry with the conduct of the SEC aimed at them, but the investigation started in early 2023.

After Gurbir Grewal, the Division of Enforcement director of the SEC, gave the green light for the Ethereum trading investigation in March 2023, the entire thing fell apart. They moved on with subpoenas and testimony.

During a Congressional hearing, Securities and Exchange Commission (SEC) Chairman Gary Gensler evaded answering whether Ethereum was a commodity or a security. The SEC has already started probing Ethereum as a security, but they were not saying it.

Consensys’ legal argument contains two fundamental nodes. First, they reject Ethereum’s security status, stating that the inquiry by the SEC is unwarranted. They also point out that the SEC penalized their MetaMask product, which is intended to infer a broker-dealer relationship. A Wells warning was sent to them by the SEC, telling them, “We might come after you.” Ethereum is not part of this Wells drama.

Ethereum was not the only legal dispute in 2023. More than 10 assets were considered by the SEC as securities against Coinbase and Binance.Ethereum avoided that fate.

Yet, in 2018, the SEC changed the melody. Bill Hinman, the former CFO, stated that ETH, similar to Bitcoin, was not a security. As of today, the SEC seems to be pondering whether the merge update of ETH Aputs it in the security category.

The background of ETH is also a part of this legal dispute also includes Ethereum’s background. What is currently being questioned about Consensys is the proof-of-stake updates of ETH and the operations, which include acquisitions and sales. Security sales, as per the SEC, happened before the merger of ETH in 2018.

To add humor to this drama, Consensys is not sleeping. What they’re fighting is to keep the SEC from interfering with ETH. After the SEC Wells warning about a MetaMask wallet crackdown, they started their legal counterattack.

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The company responded that a federal court had declared that ETH was not a security, that any ConsenSys investigation based on the notion that ETH was considered a security would violate the company’s Fifth Amendment rights and the Administrative Procedures Act, and that MetaMask is not an intermediary under federal law. , claims that MetaMask’s staking service does not violate securities law and is seeking an interim injunction preventing the SEC from investigating or taking legal action regarding MetaMask’s Swapping or Staking functions.

In the complaint filed against the SEC and its five commissioners on Thursday, Consensys revealed that the SEC received a notice from Wells on April 10 informing the company of its intent to violate securities laws through its MetaMask wallet product. Consensys denies acting as an intermediary, claiming the wallet is “merely an interface” and “does not hold customers’ digital assets or perform any transaction functions.”

The complaint also cites the SEC’s increased authority over Ethereum, citing its own past statements that the cryptocurrency is a commodity, not a security (referencing former director Bill Hinman’s 2018 speech), and the Commodity Futures Trading Commission, which oversees derivatives tied to Ethereum. It is stated that it is against the authority of the CFTC.
In its filing, Consensys argues that the company “has built its business against this backdrop of regulatory consensus” and that the SEC’s new usurpation of authority over Ethereum—which it calls “a spin”—“would violate the fair notice requirement under the Constitution’s due process clause.”
“The regulator’s illegal usurpation of authority over ETH would be disastrous for the Ethereum network and Consensys,” the lawsuit claims.
The case also relies on the “big questions doctrine,” a Supreme Court ruling that bars federal regulators from dramatically exceeding the scope of Congressional mandates. In arguments brought by Terraform Labs, two judges have already ruled out that crypto would not fall under this doctrine.

ConsenSys filed its brief in the Federal Court for the District of North Texas, along with groups like the Blockchain Association and companies like Legit Exchange, which have been involved in similar preemptive lawsuits aimed at preventing the SEC from treating certain crypto companies or assets as securities.
In recent months, the SEC has also filed lawsuits against crypto exchanges such as Binance.US, Binance, and Kraken. Uniswap Labs announced earlier this month that it had received a Wells Notice from the regulator.

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The crypto wallet provider announced the launch of validator staking through the MetaMask Portfolio on Thursday.

MetaMask will run the validator node on behalf of stakers who deposit 32 Ether. At current Ethereum prices, this is roughly equivalent to $78,752.

MetaMask stated that no pooling or hardware is required, saying: “We securely run your node, minimizing the risk of downtime and slashing while we handle staking rewards for you.”

The new service could be attractive to beginners or those who are decentralized-minded; as staking through MetaMask could address the centralization concerns of large liquid staking providers like Lido.

It also eliminates the need to purchase hardware to run a personal Ethereum node, and the potential for downtime due to internet outages.

Consensys, which manages the service, said it has “received no penalties in over two years, despite managing ETH worth over $2 billion on over 33,000 validators.”

Staking through MetaMask is currently yielding 3.8% per year, but the platform also takes a 10% commission from validator rewards.

Lefteris Karapetsas, founder of crypto portfolio tracker Rotkiapp, said the new service is “an interesting idea, but a 10% fee makes it a completely unattractive option for any user who takes the trouble to compare it to other existing options.”

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