MetaMask Institutional, a cryptocurrency wallet, has added four different platforms – Gnosis Safe, Hex Trust, GK8, and Parfin to its institutional wallet product for asset management. MetaMask is commonly known for individual use as a hot wallet for Ethereum transactions and NFT purchases.
With the addition of the four platforms, MetaMask will help organizations like banks, corporations, and DAOs manage their crypto funds. It could make it easier for existing DAOs to achieve their utopian vision of collectivist, decentralized decision-making. The platforms could also offer a more streamlined approach to asset security.
Of the new platforms, Gnosis Safe is being utilized by DeFi platforms like Uniswap to enable multi-signature features. This means that multiple users have to collectively sign off on transactions to release the NFTs. Hex Trust offers users crypto asset custody, staking options, DeFi, and trading in the Asian market. This platform has over $5 billion under its custody and more than 200 institutional clients. Parfin also offers digital asset custody and trading features. GK8 offers custody services as well as DeFi services.
Decentralized Autonomous Organizations that use smart contracts and governance tokens for community-based voting have been around for some time now, but they face difficulty in achieving true decentralization through blockchain. Integration with MMI can make it easier for existing DAOs to attain their utopian vision of collectivist.