How MetaMask Wallet Powers Consensys's Crypto Asset Services
by SEC vs. the WorldJuly 9th, 2024
Too Long; Didn't Read
MetaMask Wallet, a Consensys product since 2016, plays a central role in storing and managing crypto assets. The SEC's case against Consensys involves the MetaMask Wallet's integration with services like MetaMask Swaps and MetaMask Staking, highlighting its importance in the company's crypto operations.
SEC v. Consensys Software Inc. Court Filing, retrieved on June 28, 2024, is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This part is 8 of 26.
C. Consensys and MetaMask
36. Under its “MetaMask” brand, Consensys provides investors with a variety of services related to crypto assets.
37. MetaMask Wallet, which Consensys has offered since July 2016, is the foundational application for its MetaMask suite of products.
38. MetaMask Wallet is a Consensys-developed and Consensys-maintained software program, downloaded to an investor’s device (in the form of a mobile app or a browser extension), that stores the public and private keys to a user’s crypto assets.
39. The blockchain address (i.e., a derivation of the public key) stored in the investor’s MetaMask Wallet is, in essence, the investor’s MetaMask “account.”
40. Indeed, for each blockchain that a new investor selects to interact with, MetaMask Wallet generates a public and private key pair and derives a blockchain address from the public key. MetaMask Wallet refers to these blockchain addresses as the investor’s “Accounts.” By default, MetaMask Wallet creates an Account labeled “Account 1” for each blockchain selected by the investor.
41. If an investor already owns a crypto asset—and stores the keys to that asset outside MetaMask Wallet—the investor can import the public and private keys associated with that asset to a MetaMask Wallet using its “import” account function.
42. An investor’s MetaMask Wallet blockchain address is also the address where crypto assets purchased and sold through other MetaMask services—such as MetaMask Swaps and MetaMask Staking—are received and sent.
43. An investor can view a list of crypto assets held in the investor’s MetaMask accounts, the investor’s total holdings in each asset, and the aggregate value of the investor’s assets, through a feature Consensys calls MetaMask Portfolio Dashboard. According to an article by Consensys on July 17, 2023, MetaMask Portfolio Dashboard acts as a “home base” for tracking, buying, selling, and staking crypto assets.
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