MMI’s product manager, Johann Bornman, labeled the integration with Cactus Custody’s DeFi Connector a “deep DeFi product for organizations”.
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The institutional arm of Consensys-owned MetaMask has integrated its first omnidirectional digital asset custody solution called Cactus Custody.
MetaMask Institutions (MMI) initially partnered with Cactus Custody, owned by crypto financial services platform Matrixport, last October to incorporate the “DeFi Connector” feature into MMI’s suite of services.
Full integration with MMI was announced on Wednesday and the Cactus Custody feature will now provide institutional customers with omnidirectional connectivity to all Ethereum Virtual Machine (EVM) chains, sub chains and layer 2 supported by MetaMask, such as Ethereum, Binance Smart Chain, Avalanche, Celo, and Polygon.
MMI product manager Johann Bornman says that Cactus Custody’s omnidirectional EVM support will allow organizations to “freely connect digital assets across these networks.”
“This is a profound offering of DeFi for institutions.”
The Decentralized Finance (DeFi) Connector feature will also provide additional security and compliance aspects, such as an audit trail of transactions executed on MMI, private key protection, and “role-based approval” process during interaction with the DeFi platform.
MMI was developed in December 2020 and its wallet is different from MetaMask, as it is integrated with additional security, compliance and monitoring features that are very important to a growing number of organizations pouring shove into DeFi. The product aims to give institutional investors exposure to the entire DeFi ecosystem from within their MMI wallet.
Its other current custodial partners include leading crypto companies such as decentralized custody company Qredo and multisig wallet provider BitGo.
Related: Bithumb to block crypto withdrawals to unverified personal wallets
MetaMask has more than doubled its monthly active users since August 2021, with its website tally over 21 million at press time.