The institutional arm of Consensys’ MetaMask has integrated Cactus Custody, its first multi-chain digital asset custody solution.
MetaMask Institutional (MMI) initially partnered with Cactus Custody, a subsidiary of crypto financial services platform Matrixport, last October to incorporate its “DeFi Connector” functionality into MMI’s services.
The full integration with MMI was announced on January 26, and the Cactus Custody feature will now provide institutional clients with multi-chain connectivity to all Ethereum Virtual Machine (EVM) chains, sidechains and Layer 2 chains powered by MetaMask, such as Ethereum , Binance Smart Chain, Avalanche, Celo, and Polygon.
MMI head of product Johann Bornman said Cactus Custody’s multi-chain EVM support will enable institutions to “freely bridge digital assets between these networks.”
“This is a profound DeFi feature for institutions.”
The DeFi Connector feature will also provide additional security and compliance, such as an audit trail for transactions executed on MMI, private key protection, and a "role-based approval" process during interactions with DeFi platforms.
Developed in December 2020, MMI’s wallet differs from Metamask’s as it integrates additional security, compliance and custody features that are critical to the growing number of institutions flocking to DeFi. The product aims to give institutional investors access to the entire DeFi ecosystem from within their MMI wallets.
Its other current custody partners include top crypto firms such as decentralized custody firm Qredo and multi-signature wallet provider BitGO.
Since August 2021, MetaMask has more than doubled its monthly active users, counting more than 21 million on its website as of this writing.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.