Gnosis Safe, Hex Trust, GK8, and Parfin, three prominent crypto custodians, forged a new strategic cooperation with MetaMask, decentralised finance (DeFi) wallet and browser extension.
The new connection will give decentralised autonomous organisations (DAOs) crucial management capabilities to participate in DeFi activities, according to MetaMask Institutional (MMI), the institutional version of the popular Ethereum wallet MetaMask.
DAOs are decentralised autonomous organisations (DAOs) that are run entirely by computer code and have no top-down authority. They’ve grown in popularity as a way to fund and manage bitcoin projects.
MMI, according to the statement, allows universities to use DeFi and Web3 while being compliant. Custodians, also known as custodial wallets, store private keys and make transaction approval and signing easier. Organizations rely on them to collect and secure crypto assets in a secure manner.
Harriet Browning, Consensys’ business head for Europe, the Middle East, and Africa, said:
“It allows crypto needed funds, exchanges, traditional institutions, corporations, DAOs, and a whole host of other user profiles to engage on a secure, risk-managed framework.”
MetaMask distinguished assets maintenance
The way assets are maintained is what distinguishes MetaMask Institutional from the company’s main browser and wallet plugin. Funds held in MetaMask’s principal product are non-custodial, according to Browning, however, assets handled through MMI are custodial. She expressed herself as follows:
“We’ve ditched the hardware wallet in favour of a custodial institution to ensure retail consumer protection. It is critical that the institution safeguards its assets.”
“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,” according to John Ennis, the secure ecosystem lead for Gnosis.
This year, MetaMask has been working hard to broaden its services. The company announced an Apple Pay integration and a slew of payment upgrades in late March, including the option to buy cryptocurrency with debit or credit cards directly from the app.