MetaMask Institutional Onboards Four New Institutional Custodians, Consolidating the ConsenSys Product’s Leadership as the Go-to Solution for Organizations Entering Web3
ConsenSys unveils the third round of institutional custodians onboarded to MetaMask Institutional (MMI), a version of MetaMask designed to meet the needs of the rapidly growing number of institutions embracing Web3 and investing in Decentralized Finance (DeFi). Cobo, Floating Point Group, Liminal and Propine will join MMI’s already expansive suite of custodians — enhancing choice, security, and operational efficiency for crypto funds, market-makers, trading desks, DAOs and other organizations seeking exposure to the digital asset class.
"The latest onboarding brings the total number of custodians supported by MetaMask Institutional to eleven, further bolstering our position as the premier institutional wallet for Web3 and the only one to integrate with multiple trusted institutional custodians", said Liz Mathew, Global Head of Growth and Partnerships for MetaMask Institutional.
Over 1,800 organizations may access MMI to engage in Web3
MetaMask Institutional (MMI) launched in 2021 with the mission to offer all organizations across the globe a bridge to Web3. Now, over 1,800 organizations have access to the MMI wallet, including crypto and DeFi native funds, traditional financial institutions, non-financial enterprises, and decentralized autonomous organizations (DAOs). The most prominent use case is DeFi trading activity on Ethereum and EVM compatible chains; however, a growing number of organisations turn to MMI to access non-DeFi related Web3 utilities such as NFT marketplaces and the social engagement of Web3 communities. Regulated custodial integrations with broad jurisdictional reach are paramount to material institutional participation in this space, and MMI is dedicated to providing one of the most expansive solutions on the market.
Leading Custodians With Global Reach
Prior to today’s announcement, MMI onboarded seven custodians to serve the needs of organizations in different jurisdictions with unique key management requirements across the US, EMEA, and APAC regions. With the newest four custodians, MMI expands its geographical footprint with Cobo, Liminal and Propine in Asia and MENA, and FPG in the US.
Metamask, with 30mm MAU, has emerged as the dominant user experience for retail customers. Metamask Institutional’s integrations and aggregation across eleven custodians levels up the industry's collective capability to offer organisations the broadest and compliant access to DeFi and Web3. The MMI platform standardises the operational framework with which organisations manage their Web3 portfolios.
The addition of these four leading custodians to MMI comes immediately after Ethereum’s historic Merge, where the network abandoned the Proof of Work algorithm in favour of Proof of Stake, reducing the electricity consumption and carbon footprint of the Ethereum network by over 99.988 % and 99.992%, respectively. In becoming more sustainable, Ethereum is removing barriers to adoption by institutions that would otherwise have been deterred by the high environmental cost. MetaMask Institutional is now primed to support incoming organizations with unparalleled access to DeFi and Web3 and a wide range of custody solutions to choose from.
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