MetaMask Institutional (MMI), the version of the MetaMask decentralized finance (DeFi) wallet for institutions, today announced its partnership with digital assets custodians U.S.-based BitGo, British Virgin Islands-headquartered Qredo, and Hong Kong-based Cactus Custody to facilitate companies seeking access to DeFi.
Fast facts
- The partnership comes amid growing institutional interest in DeFi and aims to address some of the security, operational and compliance concerns that have hindered companies from participating in DeFi, in particular, custody of crypto assets. MMI’s integration with the various crypto custodians caters to the different needs of organizations, from small crypto startups and DAOs [decentralized autonomous organizations] to multi-billion dollar crypto funds, a company statement shared with Forkast.News said.
- Alongside DeFi’s explosive growth to over US$80 billion in total value locked in the Ethereum ecosystem alone, according to DeFi Pulse data, MetaMask, a non-custodial wallet that allows users to interact with the Ethereum blockchain and Ethereum-compatible networks such as Polygon, has seen its monthly active users surge over 1,800% in the past year to surpass 10 million, Ethereum blockchain software developer ConsenSys announced in August.
- “As the DeFi ecosystem matures, many of our institutional clients are interested in actively participating,” Mike Belshe, BitGo CEO, said in a statement. “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.”
See related article: Institutional DeFi poised to become a $1 trillion industry, Blockdata says
