MetaMask – the rapidly growing and popular Ethereum software portfolio – plans to bring DeFi to large crypto-related organizations. They have partnered with three crypto custodians to respond to various regulatory needs. They are BitGo, Qredo, and Cactus.
MetaMask presents a challenge to the major crypto companies
ConsenSys – the Ethereum software company that created MetaMask – unveiled the news in a recent blog post. Under the new partnership, organizations will be able to access Web3 and DeFi services through the “MetaMask Institutional (MMI)” wallet. At the same time, they will also fulfill the regulatory and regulatory requirements imposed by these institutions to securely secure client assets.
According to ConsenSys, meeting operational, compliance and security needs has been an ongoing struggle for market makers, trading desks, and leading crypto funds. Enterprise MetaMask was launched in December 2020 to address this issue.
“The focus of the MetaMask Institutional is to provide unparalleled access to DeFi even in the face of stringent institutional requirements,” says Johan Bornmann, Chief Product Officer at MMI. “Qualified custodians and preservation technology play an essential role in these requirements.”
Each MetaMask-shared crypto custodian offers different regulatory needs regarding crypto storage.
- BitGo is a pioneer in multi-signature wallets and was “the first digital asset company to focus exclusively on institutional clients.”
- Qredo is a decentralized custodian solution secured by multi-party account, which removes the risks related to the operation of private keys.
- Cactus Custody is a Hong Kong-based Trust Company that provides warm and cold storage, along with DeFi connectivity for businesses.
Rapid growth in MetaMask
MetaMask is fast becoming a staple in the DeFi space in 2021. In one year, it has achieved 1,800% growth in the number of monthly active users, which now exceeds 10 million.
Mike Belshi, CEO of BitGo, confirmed that many of their clients are looking to participate in DeFi and that MetaMask is their number one solution:
“MetaMask is the gold standard for DeFi wallets and the MetaMask Institutional integration with BitGo wallets allows key management and custom policies to remain in BitGo, while the MMI acts as an interface between our wallet platform and all dapps.”
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