MetaMask Adds Custodians BitGo, Qredo, Cactus in Push for Institutional DeFi Users
The three firms will support different segments of the market – from small DAOs to multibillion-dollar crypto funds.
Oct 5, 2021 at 4:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/F6KCITVFR5FO7DSNVADVD7HY3M.jpg)
MetaMask cryptocurrency wallet application on a smartphone arranged in New Hyde Park, New York, U.S., on Thursday, July 29, 2021. Lending on cryptocurrency platforms rose 7.6% from last week to $29.40 billion, according to data compiled by DeFi Pulse. Photographer: Gabby Jones/Bloomberg via Getty Images
The institutional arm of ubiquitous decentralized finance (DeFi) wallet MetaMask has added custodians BitGo, Qredo and Cactus Custody to help firms meet compliance requirements.
The ConsenSys-owned wallet launched its institutional offering in December. The difference between MetaMask Institutional and your browser extension is the key storage: The institutional wallet has a built-in tech stack that helps big firms connect with their required custodians.
BitGo Managing Director Joe Bruzzesi told CoinDesk the partnership will involve MetaMask Institutional being integrated with BitGo wallets. He says that’s significant because it “validates the growing appetite for institutional investors to participate in DeFi with the highest level of security possible.”
Bruzzesi said BitGo is seeing pent-up demand from institutional players to gain access and exposure to decentralized lending platforms.
BitGo currently has $40 billion in assets under custody; once the integration with MetaMask Institutional is completed, over 500 firms in crypto will be able to access DeFi.
MetaMask Institutional said it will announce the integration of additional custodians at a later date.
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