MetaMask – the rapidly growing and highly popular Ethereum software wallet – plans to bring DeFi to large crypto-related institutions. They have partnered with three crypto custodians to meet different organizational needs. Namely, these are BitGo, Qredo, and Cactus.
MetaMask Brings Defi to Major Crypto Companies
ConsenSys – the Ethereum software company that created MetaMask – unveiled the news in a recent blog post. As part of the new partnership, institutions will be able to access Web3 and DeFi services via the “MetaMask Institutional (MMI)” portfolio. Meanwhile, they will also meet the custodial and regulatory requirements posed by these institutions to safely secure clients’ assets.
Meeting operational, compliance and security needs has been an ongoing struggle for market makers, trading desks and major crypto funds, according to ConsenSys. MetaMask institutional was launched in December 2020 to address this issue.
“The goal of MetaMask Institutional is to provide unparalleled access to DeFi, even in the face of stringent institutional requirements,” said Johann Bornman, Product Manager for MMI. “Qualified custodians and custody technology play a fundamental part in these requirements.”
Each crypto custodian that MetaMask has partnered with addresses different organizational crypto storage needs.
- BitGo is a pioneer of multi-signature wallets and was “the first digital asset company to focus exclusively on institutional clients.”
- Qredo is a decentralized custody solution secured by multi-party computing, which eliminates the risks associated with the exploitation of private keys.
- Cactus Custody is a Hong Kong-based Trust Company that offers both warm and cold storage, alongside DeFi connectivity for corporations.
The rapid growth of MetaMask
MetaMask quickly became a fixture in the DeFi space in 2021. In one year, it has achieved a 1,800% growth in monthly active users, which now surpasses 10 million.
Mike Belshe – CEO of BitGo – claimed that many of their customers are looking to participate in DeFi and that MetaMask is their first solution:
“MetaMask is the gold standard of DeFi wallets and the integration of MetaMask Institutional with BitGo wallets allows for key management and custom policies to remain in BitGo, while MMI acts as an interface between our wallet platform and all dapps.”
