Introducing Multichain Custody with Cactus Custody
MetaMask Institutional (MMI) has taken a significant leap in the world of decentralized finance (DeFi) by integrating its first multichain digital asset custody solution named Cactus Custody. This collaboration allows institutions to enjoy the benefits of multichain connectivity while managing their digital assets with greater confidence and security.
A Quick History of the Partnership
The journey began back in October of the previous year when MMI formed an initial partnership with Cactus Custody, which is part of the crypto financial services platform Matrixport. This was a strategic first step to incorporate the ‘DeFi Connector’ feature into MMI’s suite of services, setting the stage for the robust integration now being unveiled.
What Does Multichain Support Mean?
The newly integrated feature enables institutional customers to seamlessly bridge digital assets across various networks such as Ethereum, Binance Smart Chain, Avalanche, Celo, and Polygon—practically everything in the Ethereum Virtual Machine (EVM) universe. Johann Bornman, MMI’s product lead, emphasized that this capability is pivotal for institutions looking to capitalize on the diverse opportunities in the DeFi landscape.
Security, Compliance, and Convenience
With great power comes great responsibility, and MMI recognizes the need for additional security and compliance measures crucial for institutional investors. The DeFi Connector feature is designed with audit trails, private key safeguarding, and ‘role-based approval’ processes that bolster security while ensuring efficient interactions with DeFi platforms. Consider it the adult supervision your digital assets have been waiting for.
The Evolution of MetaMask Institutional
Since its inception in December 2020, MMI has evolved significantly, differentiating itself from the standard MetaMask wallet. With enhanced security, compliance, and custodial features, it’s become a strategic gateway for institutions entering the sprawling DeFi ecosystem. Partnering with reputable custodial entities like Qredo and BitGo only adds to the credibility and appeal of this financial service.
Growing Popularity of MetaMask
The impact of these enhancements is mirrored in MetaMask’s user growth; monthly active users have skyrocketed since August 2021, reaching over 21 million. Clearly, the demand for accessible and secure DeFi solutions is on the rise, and MetaMask is here to deliver.
