MetaMask wants institutions to get started with DeFi with the new corporate version

189
SHARES
1.5k
VIEWS
ADVERTISEMENT

Related articles



The Ethereum MetaMask wallet aims to attract institutional investors to the decentralized financial sector, with the soon to be released version for institutional customers.

The popular wallet with more than 1 million active users per month launched token swaps in October this year and is now looking to expand even further. Developer ConsenSys found that DeFi protocols are currently too inefficient for professional trading companies and that there is no such thing as “robust accounting, tax and tax reporting” [profit and loss statement] Purposes. “

According to the announcement, the updated version is aimed at “trading companies and crypto custodians” and provides them with “institutional features” including the ability to “exchange, borrow, lend and invest in Ethereum applications tokens.” It also gives users “the operational, security, and reporting functions required to run a professional DeFi retail counter”.

Digital asset custodian company Curv will be the first user of the wallet and will integrate the new MetaMask wallet with the new Curv DeFi product used by the company’s existing customers, including eToro.

Curv CEO and Co-Founder Itay Malinger said there was an urgent need for DeFi solutions at the institutional level:

“In the absence of a reliable and secure institutional solution for DeFi, companies are using MetaMask or custom integrations with individual apps as a workaround again for retail.”

In the run-up to the publication of the institutional wallet, ConsenSys Codefi will start an early adopter program in which “selected partners, custodian banks and professional trading companies” will have early access to help shape certain product features.

Earlier this year, MetaMask launched its mobile wallet and updated the Web3 browser wallet to 8.0 with additional features including the ability to “select one or more accounts to be associated with a website”.