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MetaMask's new inbuilt multi-chain institutional custody feature

WikiBit 2022-01-27 05:29

Abstract:Cactus Custody’s DeFi Connector will also provide additional security and compliance features such as auditing, private key storage and role-based approval.

  Brian Quarmby 20 minutes ago MetaMask's new inbuilt multi-chain institutional custody feature

  MMI product lead Johan Bornman labeled the integration with Cactus Custodys DeFi Conector as a “profound DeFi offering for institutions.”

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  News

  The institutional arm of the Consensys-owned MetaMask has integrated its first multi-chain digital asset custody solution called Cactus Custody.

  MetaMask Institutional (MMI) initially partnered with Cactus Custody owned by crypto financial service platform Matrixport in October last year to incorporate its “DeFi Conector” feature into MMIs suite of services.

  The full integration with MMI was anounced on Jan. 26, and Cactus Custodys feature will now provide institutional customers with multi-chain conectivity to all Ethereum Virtual Machine (EVM) chains, sidechains and Layer 2s supported by MetaMask such as Ethereum, Binance Smart Chain, Avalanche, Celo and Polygon.

  MMI product lead Johan Bornman said that Cactus Custodys multi-chain EVM support will enable institutions to “freely bridge digital assets across these networks.”

  “This is a profound DeFi offering for institutions.”

  The DeFi Conector feature will also provide additional security and compliance aspects, such as audit trails for transactions conducted on MMI, private key safeguarding and role-based approval processes during interactions with DeFi platforms.

  MMI was developed in December 2020 and its wallet differs from Metamask as it is integrated with additional security, compliance and custodial features that are vital for the growing number of institutions that are flocking to DeFi. The product aims to give institutional investors exposure to the entire DeFi ecosystem from within their MMI wallets.

  Its other current custodial partners include top crypto firms such as decentralized custody firm Qredo and multi-signature wallet providers BitGO.

  Related: Bithumb to block crypto withdrawals to unverified private wallets

  MetaMask has more than doubled the number of its monthly active users since August 2021, with its website tallying the figure at more than 21 million at the time of writing.

  •   #Business

  •   #Security

  •   #Wallet

  •   #Decentralization

  •   #Private Keys

  •   #DeFi

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