MetaMask, a popular Ethereum wallet has revealed its partnership with BitGo, Qredo, and Cactus Custody for offering complaint Defi Access to large institutions. The three crypto custodians will reportedly be playing different roles in the organization and will be responding to varying organizational requirements.
As revealed recently by the creator of MetaMask, ConsenSys, with the latest partnership, the institutions will be able to acquire access to Web3 and Defi services through the MetaMask Institutional wallet.
Meanwhile, they will also be meeting the custodial and regulatory requirements posed by these institutions to safely secure the assets of clients. In accordance with the data released by ConsenSys, meeting operational, compliance, and security needs have been an ongoing struggle for market makers, trading desks, and leading crypto funds.
Back in the month of December of the year 2020, MetaMask made an announcement to address the same and as revealed:
“MetaMask Institutional’s focus is to provide unrivalled access to DeFi even in the face of rigorous institutional requirements,” says Johann Bornman, Product Lead for MMI. “Qualified custodians and custody technology play a fundamental part in these requirements.”
It should be noted that MetaMask has rapidly become a staple of the Defi space in the year 2021, and in a matter of one year, it has achieved a 1,800% growth in monthly active users, which has now surpassed 10 million.
The CEO of BitGo, Mike Belshe, asserted that a lot of their clients are looking forward to participating in Defi and that MetaMask is going to be their premier solution. It said:
“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.”