Popular DeFi wallet MetaMask has partnered with crypto custodians BitGo, Qredo, and Cactus Custody in a bid to attract more institutional players to the DeFi market, ConsenSys said in a press release on 5 October.
According to the announcement, the partnership will revolve around MetaMask Institutional (MMI) — the wallet’s offering for institutional investors — which supports a tech stack that helps big firms connect to their custodian. While MMI provides all existing product functionalities of the standard wallet, it supports institution-required storing of private keys. Johann Bornman, product lead for MMI, said in a statement:
“MetaMask Institutional’s focus is to provide unrivaled access to DeFi even in the face of rigorous institutional requirements. Qualified custodians and custody technology play a fundamental part in these requirements.”
The developer behind MetaMask, ConsenSys, first launched MMI back in December with the goal of providing institutional investors with access to the large sums of collateral in the DeFi market. In order to help firms meet compliance requirements, ConsenSys has also added functionalities that perform Know Your Transaction analysis on DeFi pools to MMI.
The CEO of BitGo, Mike Belshe, said the MMI partnership was in response to the growing interest of its clients towards actively participating in the DeFi market. It comes as a no surprise that institutional investors are interested in the market, considering DappRadar’s research that shows value locked in DeFi has grown 900% in the past year.