MetaMask Partners with BitGo, Qredo, and Cactus Custody to Improve Adoption

MetaMask – the rapidly growing and hugely popular Ethereum software portfolio – plans to bring DeFi to large crypto-related institutions. They have partnered with three crypto custodians to meet different organizational needs. Namely, these are BitGo, Qredo, and Cactus.

MetaMask Brings Defi to Large Crypto Firms

ConsenSys – the Ethereum software company that created MetaMask – unveiled the news in a recent blog post. As part of the new partnership, institutions will be able to access Web3 and DeFi services via the “MetaMask Institutional (MMI)” portfolio. At the same time, they will also meet the custodial and regulatory requirements posed by these institutions to securely secure client assets.

Meeting operational, compliance and security needs has been an ongoing struggle for market makers, trading desks and major crypto funds, according to ConsenSys. Institutional MetaMask was launched in December 2020 to address this issue.

“The goal of MetaMask Institutional is to provide unparalleled access to DeFi, even in the face of stringent institutional requirements,” said Johann Bornman, Product Manager for MMI. “Qualified custodians and conservation technology play a fundamental role in these requirements. “

Each crypto custodian that MetaMask has partnered with addresses different organizational crypto storage needs.

  • 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 custody solution secured by multi-party computing, which eliminates the risks associated with the exploitation of private keys.
  • Cactus Custody is a Hong Kong-based trust company that offers hot and cold storage, as well as DeFi connectivity for businesses.

The rapid growth of MetaMask

MetaMask quickly became a fixture in the DeFi space in 2021. In one year, it has achieved an 1,800% growth in the number of monthly active users, which now exceeds 10 million.

Mike Belshe – CEO of BitGo – claimed that many of their customers are looking to participate in DeFi and that MetaMask is their first solution:

“MetaMask is the gold standard of DeFi wallets and the integration of MetaMask Institutional with BitGo wallets allows key management and custom policies to remain in BitGo, while MMI acts as an interface between our platform. wallet and all apps. “

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