MetaMask has entered into a new strategic partnership with four major cryptocurrency custodians: Gnosis Safe, Hex Trust, GK8 and Parfin.
Decentralized finance (DeFi) wallet and browser extension MetaMask have entered into a new strategic partnership with four major cryptocurrency custodians: Gnosis Safe, Hex Trust, GK8 and Parfin.
MetaMask Institutional (MMI), the institutional version of the popular Ethereum wallet MetaMask, announced on Wednesday that a new integration will provide decentralized autonomous organizations (DAOs) with key management tools to participate in DeFi activities.
DAOs are computer code-driven organizations with no top-down authority, and they’re gaining popularity as a fundraising mechanism and a tool for managing cryptocurrency projects.
According to the announcement, MMI offers institutions access to DeFi and Web3, subject to their requirements. Custodians, or custodial wallets, are services that store private keys and facilitate the approval and signing of transactions. They are vital for businesses to safely receive and protect crypto assets.
Cointelegraph reached out to Harriet Browning, Head of EMEA (Europe, Middle East and Africa) at Consensys. She told Cointelegraph:
“This enables crypto funds, exchanges, traditional institutions, corporations, DAOs and a whole range of different user profiles to operate in a secure, well-governed and risk-controlled environment.”
The difference between MetaMask Institutional and the company’s mainstream browser and wallet plugin is how assets are managed. Browning explained that assets held in MetaMask’s core product are not custodial, while assets managed through MMI are custodial. She remarked:
“For institutional security, we have replaced the hardware wallet with a range of custody partners to provide the necessary asset security.”
John Ennis, Head of Gnosis Secure Ecosystem, said, “DAOs and crypto institutions want to maintain the gold standard of DeFi integration while maintaining the industry standard for security when it comes to protecting digital assets from operational and security risks.”
Related: MetaMask rolls out Apple Pay integration and other iOS updates
This year, MetaMask has actively expanded its offer. In late March, the company rolled out Apple Pay integration and a number of payments system updates, including the ability to purchase cryptocurrency through the app with debit or credit cards.