MetaMask Launches Institutional Offering
- MetaMask Institutional (MMI) has been in trial through the Early Adopter program since December 2020.
- By integrating with custodian Curv, MMI provides features that solve most institutional needs when it comes to cryptocurrencies.
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According to the company’s announcement, MetaMask Institutional (MMI) will enable crypto funds to swap tokens, borrow, lend, invest, and interact with DeFi protocols through the MetaMask interface.
And while the service officially launched on 7 April, ConsenSys has been collaborating with a select group of partners, custodians, and professional trading firms since December last year. The participants of the program were able to shape product features, influence the development of the roadmap, and gain early access to the MMI integration for their own clients. MetaMask said in the blog post:
“These institutional features will enable cryptocurrency funds, family offices, and financial institutions to gain access and exposure to the diverse decentralized finance opportunities that compose Web3.”
Back in December 2020 MetaMask integrated with Curv, a digital asset custody company, to provide custodial solutions to the service. Since the integration, the MetaMask team has been focused on introducing features that solve institutional investor needs across their entire transaction-flow process, the company said. This includes executing pre-trade compliance with transaction rules set on Curv, as well as using the custodian to sign and approve trades.
- MetaMask expanded its partnership with MoonPay to allow users in Nigeria to buy cryptocurrencies directly from its mobile wallet app and Portfolio dApp.
- MetaMask noted that the new crypto on-ramp feature will be expanded to other African countries in the coming month, including Kenya, Botswana, and South Africa.
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- The company noted that it will continue to operate, and that the 90% withdrawal limit will help it better navigate the prolonged bear market.
- Wyre CEO Yanni Giannaros has transitioned into a new role as executive chairman, while its CRO and CCO, Stephen Cheng, is taking the role of interim CEO.
- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.