MetaMask adds support for custodians BitGo, Cactus and Qredo

Cryptocurrency service providers are working on ways to attract more institutional investors to the market

MetaMask, one of the leading cryptocurrency wallets in the world, is pushing for more institutional adoption. The ConsenSys-owned wallet introduced institutional services in December last year and is now working hard to attract more institutional investors to its platform.

The institutional arm of the MetaMask wallet revealed yesterday that it had added support for custodians BitGo, Qredo and Cactus Custody. This latest development is to help the firms meet compliance requirements and make it easier for institutional investors to gain access to decentralised finance (DeFi) tokens and other cryptocurrencies.

In a blog post by ConsenSys yesterday, the team said its partnership with these custodians is an important milestone that will enable institutions to take advantage of the top custody solutions to discover and interact with the DeFi space easily.

“Each of these strategic partnerships responds to different needs of organizations, from small crypto startups and DAOs to multi-billion dollar crypto funds,” the blog post added. ConsenSys believes that custody plays an integral role in allowing institutions to access DeFi and cryptocurrencies. It is important for organisations as it allows them to acquire and hold cryptocurrency assets safely.

BitGo Managing Director Joe Bruzzesi revealed that the partnership would lead to the integration of MetaMask Institutional into BitGo wallets. This latest development is crucial because it points to the growing appetite for institutional investors to enter the DeFi space without worrying about security.

The cryptocurrency market has experienced massive growth over the past few years, with numerous financial institutions entering the space. The DeFi market, in particular, has become attractive to both retail and institutional investors.

Johann Bornman, Product Lead for MetaMask Institutional (MMI), stated that their focus is to provide unique access to DeFi despite the numerous institutional requirements. Their partnership with the three custodians will play a key role in allowing MMI to provide institutions access to the DeFi space safely.