Ethereum

MetaMask works with BitGo to raise institutional capital through MetaMask institutions

Decentralized Finance Wallet (DeFi) MetaMask has partnered with three crypto-focused custodians to attract more institutional capital to the digital asset market.

On Tuesday the company did announced New partnerships with BitGo, Qredo and Cactus Custody with a focus on MetaMask Institutions – a new product that gives institutional investors access to the enormous collateral on the DeFi marketplace.

ConsenSys, the Ethereum developer behind MMask, presented MMask Institutions in May. When asked how MMask Institutions works alongside the existing functionalities of the product, the spokesman said:

“MetaMask Institutions offers the same functionalities and features as MMask – that is, connectivity to the DeFi ecosystem, which consists of 10,000 locations for trading, staking, lending and credit via all compatible chains with EVM (Ethereum Virtual Machine).”

The biggest difference between MetaMask Institutions and the company’s main browser and wallet extension is how the private keys are stored.

“In MetaMask, the keys are stored in the extension (unless the hardware wallet is linked to MetaMask). Meanwhile, MetaMask Institutions has developed a software development kit (SDK) and an application programming interface (API) that connect to qualified custodians and custodial technology stacks. This gives companies unparalleled access to DeFi with the most trusted wallet in the room along with the private key storage the organization needs. “

The institutional offering also has integrated compliance functions for performing KYC analyzes of DeFi pools.

Decentralized finance has emerged as one of the most promising use cases in blockchain technology and cryptocurrencies. At the time of writing, nearly $ 195 billion was trapped in the DeFi ecosystem. According to industry data, Ethereum-based protocols make up nearly 69% of the total TVL. New research by DappRadar released last week shows TVL in DeFi has increased 936% over the past year.

DeFi’s growth is seen by an increase in active users of MetaMask and other browser extensions. The wallet passed 10 million active users in August, a 19-fold increase in just over a year.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

19 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

42 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.