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MetaMask has announced the expansion of its institutional offerings and integrated new custodians into its platform. The new integration will be executed through MetaMask Institutional, a version of the leading decentralized finance (DeFi). The integration is a plan to expand the world of decentralized autonomous organizations (DAOs)
In line with the development, MetaMask Institutional has allied with four companies – Parfin, GK8, Hex Trust, and Gnosis Safe. The idea is to enhance the crypto custody requirements of DAOs and ensure the distribution of decision-making among a group of token holders.
MetaMask Plans To Become The Web3 Gateway For Organizations Worldwide
MetaMask is looking to become the main Web3 gateway for organizations all over the world. The platform already handles 30 monthly active users and is expected to grow these numbers before the end of the year.
Business development lead at MetaMast Harriet Browning stated that the custodian announcement will ensure further growth and expansion of the Web3 interface into different regions.
In addition to the different licensed custodians and non-custodial management solutions, MetaMask hopes to keep up with its vision of bridging all organizations all over the world into Web3.
MetaMask Institutional was launched by ConsenSys in December 2020. The aim was to assist trading desks, market makers, and crypto funds to get exposure to Ethereum-based applications.
MetaMask Has Witnessed Massive Growth in Web3 Adoption
The solution is not the same as the traditional wallet because it comes with a customized tech stack that links up large organizations with their custodians. According to the MetaMask’s website, the DeFi ecosystem grew 20 times last year. With the level of activities in the industry, the growth is expected to continue this year as well.
The integrations have taken MetaMask Institution’s custodians to seven, with all of them tailored to DAOs in different jurisdictions. In October last year, the wallet added Cactus, Qredo, and BitGo Custody to enable companies to meet compliance requirements.
MetaMask has seen impressive growth in the global adoption of the Web3 interface. Last month, ConsenSys completed a $450 million funding round to continue the expansion of the Web3 interface globally.
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