Decentralized finance (DeFi) wallet and browser extension MetaMask formed a new strategic partnership with four major crypto custodians: Gnosis Safe, Hex Trust, GK8 and Parfin.
MetaMask Institutional (MMI), the institutional version of the popular Ethereum wallet MetaMask, announced on Wednesday that the new integration will provide decentralized autonomous organizations (DAOs) with key management tools to participate in DeFi activities.
DAOs are organizations controlled by computer code and have no top-down authority, and they’ve been gaining popularity as a fundraising mechanism and administration tool for cryptocurrency projects.
According to the announcement, MMI provides institutions with access to DeFi and Web3 while meeting their compliance needs. Custodians, or custodial wallets, are services that store private keys and facilitate transaction approval and signing. They are crucial to organizations in securely obtaining and securing crypto assets.
Cointelegraph reached out to Harriet Browning, business lead for EMEA (Europe, the Middle East and Africa) at Consensys. She told Cointelegraph:
“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 distinction between MetaMask Institutional and the company’s primary browser and wallet plugin is how assets are managed. Browning explained that assets held in MetaMask’s primary product are non-custodial, while assets managed through MMI are custodial. She noted: