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 respond to different organizational needs. Namely, those 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. Under the new partnership, institutions will be able to access Web3 and DeFi services through the “MetaMask Institutional (MMI)” wallet. Meanwhile, they will also meet the custodial and regulatory requirements posed by these institutions to safely secure clients’ assets.
According to ConsenSys, meeting operational, compliance, and security needs has been an ongoing struggle for market makers, trading desks, and leading crypto funds. MetaMask institutional was launched in December 2020 to address this issue.
“MetaMask Institutional’s focus is to provide unrivaled access to DeFi even in the face of rigorous institutional requirements,” says Johann Bornman, Product Lead for MMI. “Qualified custodians and custody technology play a fundamental part in these requirements.”
Each crypto custodian that MetaMask has partnered with provides for different organizational needs regarding crypto storage.
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 Computation, which removes risk around operating private keys.
Cactus Custody is a Hong Kong-based Trust Company that offers both warm and cold storage, alongside DeFi connectivity for corporations.
MetaMask’s Rapid Growth
MetaMask has quickly become a staple of 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 – asserted that many of their clients are looking to participate in DeFi and that MetaMask is their premiere 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.”
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