The Decentralized finance (DeFi), wallet and browser extension MetaMask have formed a new strategic partnership, Gnosis Safe and Hex Trust, GK8 and Parfin.
MetaMask Institutional, the institutional version the popular Ethereum wallet MetaMask (MMI), announced Wednesday that the new integration will give decentralized autonomous organisations (DAOs), key management tools for participating in DeFi activities.
DAOs, which are computer-controlled organizations that have no top-down authority and are controlled by computer code, have been growing in popularity as a way to raise funds and an administration tool for cryptocurrency projects.
MMI, according to the announcement, provides institutions with access DeFi and Web3 while fulfilling their compliance requirements. Custodians (or custodial wallets) are services that store private key information and allow transactions to be approved and signed. They are essential for organizations to secure crypto assets and obtain them securely.
Cointelegraph reached Harriet Browning (Europe, the Middle East, and Africa business lead at Consensys). Cointelegraph was informed by her:
It’s enabling crypto-needed funds, exchanges and traditional institutions, enterprise, DAOs and a whole host other user profiles, allowing them to engage in a secure, well managed, risk-managed environment.
How assets are managed is the difference between MetaMask Institutional, and the company’s primary browser. Browning explained that MetaMask’s primary product is non-custodial and assets managed by MMI are custodial. She said:
“For retail user security, the hardware wallet has been taken and replaced with a custodial institutional. It is essential that assets be secured by the institution.
John Ennis is the Safe Ecosystem Lead for Gnosis. He stated that “DAOs want the highest standard of Defi Integration, while still maintaining the industry’s security standard when protecting digital assets from operational security and security risks.”
Related: MetaMask launches Apple Pay integration and other iOS update
MetaMask is expanding its offerings in this year’s. The firm launched an integration with Apple Pay in March and a number of payment updates. This includes the ability to purchase crypto using the app with credit or debit cards.
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