MetaMask Adds Custodians BitGo, Qredo, Cactus in Push for Institutional DeFi Users

The three firms will support different segments of the market – from small DAOs to multibillion-dollar crypto funds.

AccessTimeIconOct 5, 2021 at 4:00 p.m. UTC
Updated May 11, 2023 at 7:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The institutional arm of ubiquitous decentralized finance (DeFi) wallet MetaMask has added custodians BitGo, Qredo and Cactus Custody to help firms meet compliance requirements.

The ConsenSys-owned wallet launched its institutional offering in December. The difference between MetaMask Institutional and your browser extension is the key storage: The institutional wallet has a built-in tech stack that helps big firms connect with their required custodians.

  • Why Worldcoin Is Launching a Layer 2
    20:07
    Why Worldcoin Is Launching a Layer 2
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions
  • BitGo Managing Director Joe Bruzzesi told CoinDesk the partnership will involve MetaMask Institutional being integrated with BitGo wallets. He says that’s significant because it “validates the growing appetite for institutional investors to participate in DeFi with the highest level of security possible.”

    Bruzzesi said BitGo is seeing pent-up demand from institutional players to gain access and exposure to decentralized lending platforms.

    BitGo currently has $40 billion in assets under custody; once the integration with MetaMask Institutional is completed, over 500 firms in crypto will be able to access DeFi.

    MetaMask Institutional said it will announce the integration of additional custodians at a later date.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.