MetaMask, the famous Ethereum software wallet that is fast increasing in popularity, aims to offer DeFi to major crypto-related organizations. They’ve teamed up with three cryptocurrency custodians to meet a variety of organizational demands. BitGo, Qredo, and Cactus are the three.
MetaMask Introduces Defi to Major Crypto Firms
In a previous blog, ConsenSys, the Ethereum software firm that developed MetaMask, announced the news. Institutions will be able to use the “MetaMask Institutional (MMI)” wallet to access Web3 and DeFi services as part of the new collaboration. In the meantime, they will comply with these organizations’ custodial and regulatory obligations in order to protect their clients’ assets.
Market makers, trading desks, and top crypto exchanges have been struggling to fulfill operational, regulatory, and security demands, as per ConsenSys.
“MetaMask Institutional’s focus is to provide unrivaled access to DeFi even in the face of rigorous institutional requirements,” noted Johann Bornman, Product Lead for MMI. “Qualified custodians and custody technology play a fundamental part in these requirements.”
Each of MetaMask’s crypto custodians caters to a distinct set of organizational cryptocurrency storage needs.
- BitGo was “the first digital asset firm to primarily focus on corporate customers and innovated multi-signature wallets.
- Qredo is a multi-party computation-based decentralized custody system that eliminates the danger of running private keys.
- Cactus Custody is a Hong Kong-based Trust Company that provides warm and cold storage for businesses and also DeFi access.
MetaMask’s Rapid Expansion
In 2021, MetaMask has swiftly established itself as a DeFi mainstay. It has increased its monthly active users by 1,800 percent in a year, to more than 10 million.
Many of BitGo’s clients are interested in participating in DeFi, and MetaMask is their preferred option, according to Mike Belshe, the company’s CEO. He noted:
“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.”