Metamask To Provide Institutional Access To Defi

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Popular Web3 cryptocurrency wallet MetaMask announced a new Early Adopter Program aimed at creating institutional access to DeFi. Together with Curv, MetaMask will launch an institutional version of its wallet targeting high-grade investors. The news was announced in a press release on December 10.

As the most popular Ethereum wallet out of all, MetaMask provides its services to more than 1 million monthly active users. Popularized during the DeFi rush in 2020, the platform soon became the most-used web wallet, thanks to its simplicity and portability. 

Now, the team has plans to provide crypto custodian services to professional and institutional traders. In partnership with ConsenSys, the Web3 wallet will soon become available in a secure and seamless form created solely for institutions.

Customers can perform token swaps, borrowing & lending, staking, investing, and much more. However, ConsenSys notes that the new product offers completely overhauled features, with improved security and operational performance.

Patrick Bararducci, the Global Fintech Co-Head at ConsenSys, commented on the development by stating the following:

“MetaMask is the premier non-custodial experience for interacting with DeFi applications. We are excited to partner alongside technology leaders like Curv to build institutional-grade operations and compliance that traders need in order to really start growing their participation in DeFi.” 

Curv, a digital asset security firm, is the first partner to integrate Metamask’s new product and offer it to institutions. The wallet will be utilized and supported with the help of Curv’s digital asset security infrastructure.

Curv CEO Itay Malinger believes that his company will play a significant role in the institutional adoption of DeFi. Moreover, he stated that Curv will help MetaMask with improving its security and stability.


Early Adopter Program

Before ultimately launching the institutional-grade version of MetaMask, ConsenSys will first feature an Early Adopter Program. The company will work together on the Web3 wallet with a number of custodians, partners, and professional trading firms. These partners will use an early-access version of MetaMask and have an active role in shaping the final product. 

ConsenSys urges all interested parties to get in touch and find out about how to join the Early Adopter Program.  All parties that join the program will have access to enterprise security, better risk management, and operational controls. Moreover, the alpha version also features easy tax reporting and compliance. 

At the time of writing, the decentralized finance (DeFi) market hosts around $14 billion in collateralized assets. Moreover, statistics from Dune Analytics show that the sector has more than 1 million users as of December 3.

If MetaMask truly makes it possible for institutional entities to enter the DeFi space, we may see an incredible new wave of exponential growth.

If you found this article interesting, here you can find more DeFi News


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