MetaMask’s new inbuilt multi-chain institutional custody feature

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Consensys-owned MetaMask’s institutional arm has integrated its first multi-chain digital asset management solution called Cactus Custody.

MetaMask Institutional (MMI) initially partnered with Cactus Custody owned by the financial services platform Matrixport in October last year to incorporate its “DeFi Connector” feature into MMI’s suite of services.

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)-supported chains, MetaMask-supported Ethereum, Binance Tier 2 Smart Chain. , Avalanche, Target and Polygon.

MMI product chief Johann Bornman said Cactus Custody’s multi-chain EVM support will enable institutions to “freely bridge digital assets through these networks.”

“This is a profound DeFi proposal for institutions.”

The DeFi Connector feature will also provide additional security and enforcement aspects, such as review tracking for transactions made on MMI, private key protection, and “role-based approval” processes during interactions with DeFi platforms.

MMI was developed in December 2020 and its wallet differs from Metamask in that it is integrated with additional security, compliance and security features that are essential for the growing number of institutions that are accumulating to DeFi. The product aims to give institutional investors exposure to the entire DeFi ecosystem from within their MMI wallets.

Its other current security partners include leading crypto companies such as decentralized security firm Qredo and multi-signature wallet providers BitGO.

Related: Bithumb to block crypto withdrawals to uncontrolled private wallets

MetaMask has more than doubled the number of its monthly active users since August 2021, and its website estimates the number at more than 21 million at the time of writing.