MetaMask’s institutional arm, which is owned by Consensys, has incorporated Cactus Custody, a multi-chain digital asset custody solution.
In October of last year, MetaMask Institutional (MMI) teamed with Cactus Custody, a crypto financial service platform owned by Matrixport, to integrate its “DeFi Connector” function into MMI’s array of services.
Cactus Custody’s feature will now provide institutional customers with multi-chain connectivity to all Ethereum Virtual Machine (EVM) chains, sidechains, and Layer 2s supported by MetaMask, including Ethereum, Binance Smart Chain, Avalanche, Celo, and Polygon. The full integration with MMI was announced on Jan. 26, and Cactus Custody’s feature will now provide institutional customers with multi-chain connectivity to all Ethereum Virtual Machine (EVM) chains, sidechain
Cactus Custody’s multi-chain EVM compatibility, according to MMI product lead Johann Bornman, will allow institutions to “freely bridge digital assets across different networks.”
“This is a profound DeFi offering for institutions.”
Additional security and compliance features provided by the DeFi Connector feature include audit trails for MMI transactions, private key protecting, and “role-based approval” processes for interactions with DeFi platforms.
MMI was launched in December 2020, and it differs from Metamask in that it has additional security, compliance, and custodial capabilities that are critical for the expanding number of institutions using DeFi. The goal of the solution is to provide institutional investors with access to the whole DeFi ecosystem from their MMI wallets.
Top crypto organizations such as Qredo, a decentralized custody firm, and BitGO, a multi-signature wallet provider, are among its current custodial partners.
Since August 2021, MetaMask’s monthly active users have more than doubled, with more than 21 million at the time of writing, according to the company’s website.
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