Matrixport Brings Institutional Crypto Custody to MetaMask Wallet

Matrixport and MetaMask are hoping to onboard the next wave of DeFi institutional investors with a new custodial feature built on multi-chain technology

article-image

Source: Shutterstock

share

key takeaways

  • Matrixport is leaning into institutional products with the launch of the “DeFi Connector” feature
  • Cactus Custody, Matrixport’s institutional custodian service, is integrating with MetaMask Institutional

The institutional arm of decentralized finance wallet MetaMask now has its first built-in custodial solution that supports multi-chain compatibility.

Crypto financial services company Matrixport’s institutional custodian, Cactus Custody, supports a slew of Ethereum-based chains via its “Decentralized Finance Connector.” 

Clients of MetaMask Institutional (MMI) can now access the same multi-chain connectivity across all Ethereum Virtual Machine (EVM) chains that MetaMask provides retail traders. Compatible chains include Ethereum, Binance Smart Chain, Polygon and Avalanche. 

The offering delivers “the highest level of security and usability” to institutional investors “seeking to tap into the vast opportunities within DeFi,” according to Cynthia Wu, head of sales and business development at Matrixport.

“We are fully committed towards enabling multi-chain capabilities that provide even broader access to DeFi, whilst adhering to world-class standards of security and compliance,” Wu said in a statement. 

MMI, MetaMask’s institutional-grade service, offers additional security and compliance services institutional clients require, MetaMask said

“EVM chain support is one of the most important institutional needs,” said Johann Bornman, product lead for MMI, in a statement. “With our latest custodial account multichain feature, Cactus Custody not only supports multiple EVM chains, but also allows institutions to freely bridge digital assets across these networks.”

According to DeFi research platform VALK, 43% of institutional investors engaging with DeFi currently use a custodian service. Institutional infrastructure for DeFi is lagging, researchers said. 

“Investors questioned in the UK, US, France, Germany, Hong Kong, Singapore, Australia, and Brazil would welcome the launch of an institutional aggregator for DeFi as long as it met regulatory and security requirements,” VALK said. “Around a fifth (22%) would be very likely to use it while 72% say they would be quite likely to use it.” 

Due to varying regulatory requirements, Matrixport is currently unavailable in over 40 countries, including the United States and Canada. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Planned funds would not stake their holdings, which some say will hurt the ETFs’ appeal for certain investors

article-image

Solana validators voted in favor of a proposal that would send 100% of priority fees to validators

article-image

In November, an iteration of the survey found that 34% of respondents were paying attention to crypto, but that figure has since jumped to 41%

article-image

The sentencing of former FTX exec Ryan Salame is the first among those who pleaded guilty to crimes related to the exchange’s collapse

article-image

BlackRock’s iShares Bitcoin Trust is on the cusp of passing Grayscale’s GBTC in assets under management

article-image

Sponsored

The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike