Tuesday, November 28, 2023

The new multi-chain institutional custody functionality in MetaMask.

MetaMask, the crypto wallet system from its parent company Consensys announced the integration of Cactus Custody, its first solution to get the custody of multichain digital assets. MetaMask Institutional or MMI had partnered with the Matrixport owned Cactus Custody in Oct 2021. The deal led to the incorporation of its DeFi connecting feature with MMI services. Full integration of MMI was launched on Wednesday.

Institutional customers will now have multichain connectivity access to ethereum virtual machine chains, sidechains, and MetaMask supported layer 2s, such as Avalanche, Ethereum, Polygon and Celo.

More Features to Come up

Johann Bornman, the product lead at MMI, said that multichain support at Cactus Custody will allow institutions to connect digital assets freely across multiple networks. It is an excellent DeFi solution for companies. The future of DeFi Connector comes with more compliance and security. There will be audit trails of transactions that have taken place on MMI. Protection of private keys is assured and role-based approving processes will be used when interacting with DeFi channels.

Accessing DeFi through MMI Wallets

Developed in Dec 2020, MMI’s wallet is different from MetaMask because it has more security, custodial and compliance features. These features are necessary for the companies planning to use DeFi. Institutional investors using this product get connected to the whole DeFi ecosystem through the MMI wallets. Many top crypto firms are its other custodial partners. Some of the names include Qredo, the decentralized custody firm, and BitGo, a multi-signature wallet provider.

The active users of MetaMask have doubled since Aug 2021. Its website gives the number at over 21 million.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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