MetaMask integrates new crypto custodians, expands institutional offering

MetaMask, the famous Ethereum-based DeFi wallet and browser extension, has strategically joined hands with four major crypto custodians: Gnosis Safe, GK8, Hex Trust, and Parfin.

On Wednesday, the institutional version of the popular MetaMask, MetaMask Institutional (MMI, announced that the new integration will offer DAOs key management instruments to participate in DeFi activities.

Notably, DAOs or decentralized autonomous organizations are controlled by computer code and have no centralized authority. They have gained popularity these days for fundraising and administration among crypto projects.

MMI, according to the press release, gives institutions access to DeFi and Web3 while still meeting their regulatory requirements. Custodians, also known as custodial wallets, are services that store private keys and make it easier to approve and sign transactions. They are essential for businesses to collect and secure crypto assets in a secure manner.

Harriet Browning, Europe, the Middle East, and Africa business lead at Consensys, said during an interview:

“It enables crypto needed funds, exchanges, traditional institutions, enterprise, DAOs, and a whole host of different user profiles, enabling them to engage on a secure, well-managed risk-managed framework.”

The way assets are maintained is what distinguishes MetaMask Institutional from the company’s main browser and wallet plugin. Funds held in MetaMask’s principal product are non-custodial, according to Browning, however, assets handled through MMI are custodial. 

“For institutional security, we have replaced the hardware wallet with a range of custodial partners, to provide essential asset security,” she explained.

MetaMask keeps expanding

This year, MetaMask has been working hard to expand its services. The company announced an Apple Pay integration and a series of payment enhancements in late March, including the option to buy cryptocurrency with debit or credit cards through the app. In November last year, Bitfinex Pay had integrated MetaMask as the demand for crypto payment grew high. Before that in October, it partnered with BitGo and others to push institutional offerings.