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MetaMask Adds Custodians BitGo, Qredo, Cactus in Push for Institutional DeFi Users
The three firms will support different segments of the market – from small DAOs to multibillion-dollar crypto funds.
The institutional arm of ubiquitous decentralized finance (DeFi) wallet MetaMask has added custodians BitGo, Qredo and Cactus Custody to help firms meet compliance requirements.
The ConsenSys-owned wallet launched its institutional offering in December. The difference between MetaMask Institutional and your browser extension is the key storage: The institutional wallet has a built-in tech stack that helps big firms connect with their required custodians.
STORY CONTINUES BELOW
BitGo Managing Director Joe Bruzzesi told CoinDesk the partnership will involve MetaMask Institutional being integrated with BitGo wallets. He says that’s significant because it “validates the growing appetite for institutional investors to participate in DeFi with the highest level of security possible.”
Read more: MetaMask Hit 10M Monthly User Mark in July With Asia Leading Growth
Bruzzesi said BitGo is seeing pent-up demand from institutional players to gain access and exposure to decentralized lending platforms.
BitGo currently has $40 billion in assets under custody; once the integration with MetaMask Institutional is completed, over 500 firms in crypto will be able to access DeFi.
MetaMask Institutional said it will announce the integration of additional custodians at a later date.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
