Consensys acquires Wallet Guard to strengthen MetaMask security – DiarioBitcoin
By Angel Di Matteo @shadowargel
The acquisition of Wallet Guard by Consensys aims to strengthen the security of MetaMask. The measure comes at a time when the company faces a lawsuit from the SEC precisely because of the popular wallet.
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- Consensys acquires the security company Wallet Guard
- The acquisition will seek to strengthen the security of MetaMask
- The service company Blockchain has been making strategic acquisitions
- At the moment, Consensys faces a lawsuit from the SEC that centers on MetaMask
The company developing solutions based on the network of Ethereum, Consensys, announced the purchase of the security company Wallet Guard, which will strengthen the protocols associated with MetaMask, providing it with greater robustness for the safekeeping of cryptocurrencies.
Consensys acquires the company Wallet Guard
This was indicated by the team of Consensys In a statement published today, reported by the media CoinDesk, where they detail that the entire team of Wallet Guard will join within the product safety management of MetaMask. They will use all their knowledge and developments to ensure greater protection of the assets supported by the wallet.
In this regard, the director of MetaMask and Infura for Consensys, Patrick Berarducci commented:
MetaMask is unique among wallets by providing not only strong security features out of the box, but also add-ons that enhance security through our Snaps extensibility platform.
Although the amount of the agreement was not disclosed, the new acquisition is part of the process that has been carried out Consensys over the last few years by adding companies to its work team. In 2023 it acquired Special Mechanisms Group (SMG) and the Blockchain notification service, HAL, while in 2022 he added to the firm MyCrypto, responsible for the development of crypto wallets.
MetaMask in the spotlight of the SEC
The announcement comes at a difficult time for Consensys, Since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company precisely based on MetaMask, product that considers it operates as an unregistered securities dealer.
In its complaint, the regulatory agency also said the company had violated securities laws by offering an unregistered securities program through its staking service.For its conduct as an unregistered broker, Consensys has collected more than $250 million in commissions“, assured the SEC.
While the focus of the demand appears to be MetaMask, The regulator also mentioned staking services Lido and Rocket Pool, which he described as investment contracts, implying that they would be listed as unregistered securities.
For now, Consensys and the SEC will face each other in court after being granted an accelerated timetable for the trial. The proceedings are expected to start at the end of the month and conclude on November 26, leaving a verdict for the latter half of December or early 2025.
Article by Angel Di Matteo / Bitcoin Diary
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.
