MetaMask Institutional (MMI) is the version of the MetaMask decentralized finance (DeFi) wallet for institutions. Additionally, it announces its partnership with digital assets custodians U.S.-based BitGo. Also, British Virgin Islands-headquartered Qredo, and Hong Kong-based Cactus Custody to handle companies seeking access to DeFi.
MetaMask Partnership Terms
Notably, The partnership arrives amidst growing institutional interest in DeFi.
Also, it targets to solve some of the security, operational and compliance issues. Which of course, is a hindrance to companies from partaking in DeFi, especially custody of crypto assets.
MetaMask Institutional collaboration with the several crypto custodians solves the different needs of organizations. Which, starts from small crypto startups and DAOs [decentralized autonomous organizations] to multi-billion dollar crypto funds.
Furthermore, Together with DeFi’s massive growth to over US$80 billion in total value locked in the Ethereum ecosystem alone. DeFi Pulse data reveals information.
Noting that, it is seeing its monthly active users spike over 1,800% within last year, ie.
Surpassing 10million, Ethereum blockchain software developer ConsenSys announces in August.
Also, MetaMask is a non-custodial wallet which permits user interactions with the Ethereum blockchain and Ethereum-compatible networks like Polygon,
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“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.”