MetaMask pushes institutional offering with BitGo integration

Read the orignal article by: Sam Bourgi Here

MetaMask, the popular Defi wallet/browser extension, has partnered with BitGo, Qredo, and Cactus. These crypto-focused custodians will enable the business to offer institutional investors collateral to begin to invest in the market.

MetaMask Institutional was first announced in May by Consensys, the Etherum developer of the application. The company spoke with CoinTelegraph, “MetaMask Institutional provides the same functionality and features as MetaMask — i.e. Connectivity to the Decentralized Finance (Defi) ecosystem spanning 10s of thousands of venues for trading, staking, lending, and borrowing across all EVM-compatible (Ethereum Virtual Machine) chains.”

The biggest difference between the new institutional offering and the main application is how the private keys for the wallets are stored. “Within MetaMask, keys are stored in the extension. [MetaMask Institutional] has built an SDK (software development kit) and API (Application Programming Interface) that connects to qualified custodians and custody tech stacks. This offers organizations unrivaled access to Defi with the most trusted wallet in Defi along with institution-required storing of private keys.”

The company's move to attract institutional investors comes at a time when Defi is hitting a $195 billion dollar valuation, and a 936% growth in a year, of total value, locked.