Shaurya Malwa · 9 hours ago · 2 min read
MetaMask introduces institutional DeFi tools
Ethereum browser wallet MetaMask announced an “institutional-grade” offering for its popular tool to enable legacy finance firms and players to interact with dApps and DeFi products in the coming years.
MetaMask, built and maintained by Ethereum development firm ConsenSys, is one of the world’s most popular Ethereum wallets that claims to be used by millions of users monthly. Most DeFi projects integrate the wallet, allowing users with a frictionless experience to use such products and earn yields, lend credit, and borrow cryptocurrencies from other users in a completely trustless setting.
A new offering from @metamask_io will provide cryptocurrency funds, custodians, and professional traders with institutional-grade features and controls for connecting to #DeFi. Our first launch partner is @curvmpc https://t.co/IZDGudaoyJ
— ConsenSys (@Consensys) December 10, 2020
As per the announcement, ConsenSys has begun offering trading firms and crypto custodians an institutional-grade version of MetaMask with new features to enable secure use of DeFi protocols and other applications.
“For professional trading firms looking to use the most attractive DeFi protocols, the current process is inefficient. Trading firms also require robust reporting for accounting, tax, and P&L purposes,” ConsenSys said.
Similar to the retail version, users can engage in token swaps, borrow or lend cryptocurrencies, or invest in Ethereum applications with the exact same interface and simplicity. What separates the product is added operational, security, and reporting features in line with institutional finance desks and legacy trading firms.
Curv, a digital asset security firm, is the first service to partner with ConsenSys for the new MetaMask service. It announced the “Curv DeFi” project yesterday to bring enterprise-grade DeFi solutions for institutions, as part of the broader launch.
Curv Co-Founder and CEO Itay Malinger said that the firm’s unique multi-party computation (MPC)-based security infrastructure, a subfield of cryptography, would be integrated within MetaMask to bolster its security (for institutional usage).
Malinger explained the addition:
“Since there is no reliable and secure institutional solution for DeFi, organizations are reverting to retail-level use of MetaMask or custom integrations with individual apps as a workaround.”
The product comes as the DeFi market experiences growth across user adoption, technological advancements, and total value locked (TVL) in various assets. As per CryptoSlate’s DeFi tracker, the ecosystem is worth upwards of $17 billion and accounts for 3% of the entire crypto market.