MetaMask, a decentralized finance (DeFi) wallet and browser extension has integrated four new crypto custodians Gnosis Safe, Hex Trust, GK8, and Parfin, in a strategic partnership.
The new connection would give decentralized autonomous organizations (DAOs) with key management capabilities to participate in DeFi activities, according to MetaMask Institutional (MMI), the institutional version of the popular Ethereum wallet MetaMask.
DAOs are decentralized autonomous organizations (DAOs) that are run by computer code and have no top-down authority. They’ve become popular as a fundraising and administration tool for bitcoin initiatives.
MMI, according to the press release, gives institutions access to DeFi and Web3 while still meeting their regulatory requirements.
Custodians, also known as custodial wallets, are services that store private keys and make it easier to approve and sign transactions. They are essential for businesses to collect and secure crypto assets in a secure manner.
According to Harriet Browning, the business lead for Europe, the Middle East, and Africa at Consensys, She expressed herself.
“It’s enabling crypto needed funds, exchanges, traditional institutions, enterprise, DAOs, a whole host of different user profiles, enabling them to engage on a secure, well-managed risk-managed framework.”
The way assets are maintained distinguishes MetaMask Institutional from the company’s main browser and wallet plugin. Funds housed in MetaMask’s principal product are non-custodial, but assets handled through MMI are custodial, according to Browning. She made the following observation:
“For institutional security, we have replaced the hardware wallet with a range of custodial partners, to provide essential asset security.”
“DAOs and crypto institutions desire the gold standard of Defi integration, while also preserving the industry’s security standard when it comes to shielding digital assets from operational and security threats,” said John Ennis, the safe ecosystem lead for Gnosis.
This year, MetaMask has been working hard to expand its services. The company announced an Apple Pay integration and a series of payment enhancements in late March, including the option to buy cryptocurrency with debit or credit cards through the app.