MetaMask Integrates With Cactus Custody, Adds New DeFi Features

MetaMask Integrates With Cactus Custody, Adds New DeFi Features

Crypto wallet firm MetaMask is integrating with Cactus Custody, a DeFi platform for multi-chain institutional custody. The integration will bring about new built-in DeFi features for the MetaMask wallet.

The integration is set for MetaMask Institutional (MMI), the institutional services division of MetaMask. MetaMask is one of many projects owned by ConsenSys, a major blockchain software firm founded by Joseph Lubin in 2015. The integration is a first for MMI, and follows initial efforts led by MetaMask to converge its tech stack for multi-chain digital asset custody.

With the integration, MetaMask Institutional clients will be able to connect to all existing EVM-compatible (Ethereum Virtual Machine) chains, sidechains, and Layer 2 blockchains supported by MetaMask, a category that includes household blockchains such as Ethereum, Avalanche, Celo, Polygon, and Binance Smart Chain (BSC).

According to Johann Bornman, MMI's product lead, the multi-chain EVM support provided by Cactus Custody will empower institutional clients to "freely bridge digital assets" across the multiple networks that it will now have access to.

Dubbed as the "DeFi Connector" feature, the integration will likewise offer institutional clients with improved security and compliance frameworks, opening services such as transaction audit trails, private key safeguarding, and role-based approval processes. This new set of security features will be implemented whenever an MMI wallet connects with DeFi platforms or actively maintained dApps.

DeFi (decentralized finance) continues to accelerate its adoption, with broader awareness from high-level financial and technology institutions pouring investments in the sector. To date, the DeFi sector has roughly $92.36 billion in total value locked (TVL), with MakerDAO, Curve Finance, and Convex Finance leading the pack.

MetaMask Institutional was launched in December 2020, offering security, compliance, and some custodial features aimed at giving institutions a certain degree of exposure to the DeFi ecosystem. MetaMask Institutional has concurrent partnerships with Qredo, a decentralized custody firm, and BitGo, a multi-sig wallet provider.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Investment Disclaimer
Related Topics: 

You may like