Consensys advances its Web3 plans with SMG acquisition

Consensys has made three acquisitions since 2022

article-image

T. Schneider/Shutterstock modified by Blockworks

share

Consensys is acquiring Special Mechanism Group (SMG). 

The financial details of the deal were not publicly disclosed. As part of the acquisition, Consensys said that it plans to absorb SMG’s operations. 

SMG is a “a mechanism design company known for its research focused on blockchain microstructure,” Consensys said in a blog post. Consensys plans to use the company to “make Web3 accessible for all.”

Jason Linehan, former CEO of SMG, will now be the director of Special Mechanisms Group at Consensys. 

“Decentralized networks are the future. By joining SMG’s expertise with the incredible products and scale of Consensys, we will make that future happen a lot faster,” Linehan said.

The SMG deal represents the third acquisition Consensys has made since 2022, according to the blog post.

In February, Consensys acquired Hal, a platform that allows for users to create trading, and governance voting, among others, and goes through blockchain data.  

Last month, Consensys announced Metamask Snaps, allowing for further customization of MetaMask wallets. Solflare’s Solana wallet, on Sept. 12 announced its launch on Snaps.

The hope is to expand the framework, allowing for a decentralized community to both vet and approve new Snaps. As of last month, there were 34 Snaps available.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Sponsored

The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike

article-image

The company is making public a previously private offer rejected by Bitfarms’ board of directors last month

article-image

Semler Scientific, a publicly traded medical tech company, joined MicroStrategy by buying up millions of bitcoin

article-image

As someone who’s been knee-deep in the trenches of blockchain development, I can’t help but wonder if these behemoths are really cutting it anymore

article-image

UNI and MKR are suffering from the successes of their respective protocols

article-image

Maybe there’s no silver bullet to avoiding most tokens dumping after launch…