From MetaMask to Linea, Consensys's Glorious Journey

Consensys, the Ethereum infrastructure giant founded by Joseph Lubin, is reportedly planning an IPO with JPMorgan Chase and Goldman Sachs as lead underwriters. This move is seen as a significant milestone for the crypto industry's maturation.

Core Business Lines

MetaMask: A leading crypto wallet supporting multiple blockchains, recently launching its native stablecoin (mUSD), Perps trading, and multi-chain accounts.
Linea: Consensys's zkEVM Layer-2 scaling solution, which has implemented Ethereum’s fee-burning mechanism and launched its token.
Infura: Provides critical API and node services for Ethereum and Layer-2 networks, often called "Ethereum’s AWS."
Besu: An enterprise-grade Ethereum client used by institutions like JPMorgan and the European Investment Bank.
Codefi: A fintech platform assisting banks and corporations with blockchain-based asset management and compliance.
Mesh: An investment and incubation arm supporting ecosystem projects like Gitcoin and Livepeer.

Factors Favoring the IPO

Market Trend: A wave of crypto IPOs, including Circle’s successful listing, sets a precedent.
Supportive Regulation: Under the Trump administration, favorable policies such as Bitcoin ETF approvals and stablecoin legislation are advancing.
Traditional Finance Involvement: Institutions like BlackRock and Visa are actively engaging with and investing in crypto, boosting credibility and liquidity.

This IPO reflects the growing integration of crypto and traditional finance, highlighting the sector's evolution from speculation to sustainable, regulated business models.

Author: Deng Tong, Jinse Finance

On October 29, 2025, Axios reported that Consensys plans to go public and has selected JPMorgan Chase and Goldman Sachs as the lead underwriters for its initial public offering (IPO). This listing will be one of the most significant IPOs to date for an Ethereum infrastructure construction company.

A Consensys spokesperson stated that "there is no information to release at this time, but the company will continue to evaluate various development options. The company is constantly exploring opportunities to expand its influence." Although the official stance remains cautious, the market generally views this planned IPO as one of the important signs of the crypto industry's maturation.

This article outlines Consensys' business lines, reviews Consensys's glorious journey, and analyzes the multiple factors that are favorable for Consensys's IPO.

I. The Journey of Consensys: Six Core Businesses Illuminating Ideals

Founded in 2014 by Ethereum co-founder Joseph Lubin, Consensys' mission is to build the core infrastructure of the Ethereum ecosystem. Over the past decade, Consensys has continuously expanded its business lines, growing from an Ethereum developer community incubator into a diversified Ethereum infrastructure giant encompassing wallets, developer tools, enterprise services, Layer-2 networks, and ecosystem investments.

1. MetaMask

MetaMask is Consensys's flagship product. Since its launch in 2016, it has become the main entry point for tens of millions of users to interact with multiple blockchains such as Ethereum, BNB Chain, Polygon, and Solana.

MetaMask offers features such as account management, dApp integration, NFT storage, DeFi trading, and hardware wallet support. As a consumer-facing entry point, it provides Consensys with direct brand recognition and a solid traffic base.

On August 21st of this year, MetaMask announced the official launch of its native stablecoin, MetaMask USD (mUSD). MetaMask stated that mUSD will be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through M0's decentralized infrastructure. On October 8th, MetaMask announced the official launch of the Perps trading feature on its mobile application. On October 28th, MetaMask announced the launch of multi-chain accounts, increasing user asset loading speed by 30 times.

2. Linea

On March 28, 2023, ConsenSys opened its testnet to all developers, users, and protocols, and officially renamed ConsenSys zkEVM to Linea. Linea is ConsenSys's self-developed zkEVM Layer-2 extension solution, aiming to reduce Ethereum transaction costs and improve execution efficiency. Built on zk-rollup technology, Linea is fully compatible with the Ethereum Virtual Machine, allowing developers to migrate applications directly without code modification. Linea is deeply interoperable with MetaMask and Infura, allowing users to access it seamlessly through their wallets, and developers to directly connect to the network using Infura.

On July 29th, Linea announced it would become the first Layer 2 network to implement Ethereum's burning mechanism at the protocol level, burning 20% of its net transaction fees. Linea also released a token allocation plan, allocating 85% of its tokens for ecosystem building, including 75% for development funds and 10% for early user incentives. On September 10th, Linea officially launched its TGE (Tencent Token Offering).

On October 21, Joseph Lubin, founder of ConsenSys, stated that he will bring a next-generation tokenomics platform and launchpad to @LineaBuild. Furthermore, if we can accelerate the global penetration of prediction markets such as @Polymarket and @MyriadMarkets, we can integrate collective wisdom and market forces into governance and decision-making processes at all levels of society.

3. Infura

Infura is a blockchain infrastructure platform launched in 2016. It provides stable APIs and node access services for Ethereum, IPFS, and Layer-2. Considered "Ethereum's AWS," it supports mainstream applications such as Uniswap, Aave, MetaMask, and OpenSea.

Infura provides developers with reliable RPC access, enabling them to deploy and run dApps without needing to build their own nodes. On October 6th, Joseph Lubin, founder of Consensys and co-founder of Ethereum, stated that a "token-driven economy" is about to enter Consensys' product portfolio, including Infura.

4. Besu

In 2018, Consensys Besu (formerly PegaSys) was launched, aiming to create an enterprise-grade Ethereum client to support both public and permissioned (private) blockchain deployments. In August 2019, the PegaSys team officially donated its core product, Pantheon, to the Linux Foundation's Hyperledger project, and renamed it Hyperledger Besu. In 2020, Consensys continued to lead the development and commercial support of Besu, integrating it into Consensys' enterprise services division and providing long-term maintenance, security audits, and compliance consulting.

JPMorgan Chase has partnered with Consensys on its Onyx blockchain platform to build enterprise networks using Besu technology; the European Investment Bank (EIB) and the French central bank's digital bond pilot project have also adopted a private blockchain architecture based on Besu.

5. Codefi

In September 2019, ConsenSys launched Codefi. Codefi is ConsenSys' enterprise-grade fintech platform, dedicated to helping banks, asset management companies, and corporate clients build asset management, settlement, and compliance processes on the blockchain. Codefi has participated in the French central bank's digital currency experiment, technical cooperation with JPMorgan Chase's Onyx project, and on-chain bond issuance pilots by several European banks.

6. Mesh

In February 2020, Lubin announced the establishment of Consensys Mesh, "a global decentralized startup ecosystem network" aimed at supporting the development of the Ethereum ecosystem through investment, incubation, and accelerator programs. Mesh has invested in projects such as Gitcoin, Livepeer, Phantom, and MetaMask Snaps, focusing on infrastructure, DeFi, DAO, NFT, and privacy computing.

II. The Time is Ripe: Consensys Enters its IPO Window

1. Crypto companies are experiencing a wave of IPOs.

On June 5th of this year, Circle went public on the New York Stock Exchange. Industry insiders point out that the success of a large-scale IPO like Circle's may spur other companies to quickly follow suit in the stablecoin trend. Companies such as Ionic Digital, Gemini Space Station, Inc., and BitGo, Inc. have all filed for IPOs. The successful IPO paths of Circle and Coinbase are providing a reference for crypto companies.

2. Regulatory policies remain relaxed.

Under the Trump administration, the US has adopted a more favorable stance towards cryptocurrencies. The SEC approved a spot Bitcoin ETF and dismissed several lawsuits against crypto companies. Meanwhile, Congress is pushing forward stablecoin legislation, establishing a clearer compliance framework for the entire industry. Just five days ago, Trump appointed Mike Selig as chairman of the CFTC to modernize US cryptocurrency regulation.

Furthermore, Trump himself has set an example by being a beneficiary of cryptocurrency. According to an investigation by the Financial Times, Trump and his family earned over $1 billion in pre-tax profits from cryptocurrency businesses in the past year. The investigation revealed that the Trump family's cryptocurrency empire includes multiple projects such as digital transaction cards, Memecoin, stablecoins, tokens, and decentralized finance platforms.

3. Entry of traditional financial institutions

Giants like BlackRock and Visa are not only supporting cryptocurrency companies but also actively launching cryptocurrency-related businesses. For example, BlackRock planned to participate in Circle's IPO, raising over $150 million. BlackRock's move not only provided Circle with substantial financial backing but also signaled to the market that traditional finance is willing and prepared to intervene in crypto asset companies. Just yesterday, Visa announced plans to support four stablecoins on four different blockchains; on July 30th, Visa's (VN) CEO stated that the best way to spend stablecoins is through Visa. The entry of traditional financial institutions helps the crypto narrative evolve from the fringe to the mainstream and can reduce financing difficulties for crypto companies, benefiting the industry's development.

III. Conclusion

The sensational impact of Circle's IPO can be seen as a successful example of the true integration of crypto finance and traditional finance. In the past year, cryptocurrency-native companies such as Circle, Galaxy Digital, eToro, and Exodus have successively gone public, signifying that digital asset businesses are entering the mainstream financial arena.

For ordinary investors, this wave has brought more investment opportunities. The market today encompasses publicly traded exchanges, self-custodied wallets, institutional infrastructure providers, and fintech applications that integrate cryptocurrency trading and staking capabilities. This diversification reflects the increasing maturity of the cryptocurrency industry, whose development is no longer driven by speculative trading but rather by genuine business models and long-term strategic visions.

Importantly, going public also brings greater accountability. Publicly listed companies must meet higher standards of financial reporting, compliance, and governance, which in turn makes them more attractive to institutional capital. Going public allows these companies to responsibly access funding and scale under the oversight of regulators and public shareholders. In short, the entry of cryptocurrency companies into the public stock market marks a crucial step towards building institutional credibility, market discipline, and sustainable growth.