MetaMask Institutional, a version the most popular decentralized finance (DeFi), wallet, has added new custodians to its platform in an effort to expand into the world decentralized autonomous organisations (DAOs) market.
Announced Wednesday, MMI is partnering with Gnosis Safe, Hex Trust, GK8 and Parfin to accommodate the crypto custody requirements of DAOs, crypto-native organizations that seek to distribute decision making among a group of token holders.
MetaMask boasts over 30,000,000 monthly active users and is striving for global dominance as the primary Web 3 gateway.
“We are thrilled by our latest custodian announcement as it allows further bolstering and expansion of Web 3 into a variety of different and important regions,” said Harriet Browning, a business development lead on the MMI team.
“Coupled with the different licensed custodians, custody tech and non-custodial key management solutions, means we continue to push towards our vision of bridging all organizations on planet earth into Web 3,” she said.
ConsenSys launched the institutional arm of its wallet in December 2020 to assist crypto-funds, market-makers, and trading desks with exposure to Ethereum-based apps.
It differs from the MetaMask wallet because it includes a tech stack that connects large organisations with their custodians. The DeFi ecosystem grew by over 20x in 2021, according to MetaMask’s website.
MMI now has seven custodians who are able to handle DAOs in different countries through these integrations. In October 2021, the wallet added BitGo, Qredo and Cactus Custody to help firms with compliance requirements.