MetaMask Adds Custodians BitGo, Qredo, Cactus in Push for Institutional DeFi Users

The three firms will support different segments of the market – from small DAOs to multibillion-dollar crypto funds.

AccessTimeIconOct 5, 2021 at 4:00 p.m. UTC
Updated May 11, 2023 at 7:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The institutional arm of ubiquitous decentralized finance (DeFi) wallet MetaMask has added custodians BitGo, Qredo and Cactus Custody to help firms meet compliance requirements.

The ConsenSys-owned wallet launched its institutional offering in December. The difference between MetaMask Institutional and your browser extension is the key storage: The institutional wallet has a built-in tech stack that helps big firms connect with their required custodians.

  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • Polymarket Bettors Put Their Money on Trump Being Convicted Before Election Day
    01:09
    Polymarket Bettors Put Their Money on Trump Being Convicted Before Election Day
  • Robinhood Shares Fall After Wells Notice From SEC; Crypto's Guard Against Hacks
    02:23
    Robinhood Shares Fall After Wells Notice From SEC; Crypto's Guard Against Hacks
  • MoonPay and PayPal Partnership Brings 'Better User Experience': MoonPay CEO
    00:56
    MoonPay and PayPal Partnership Brings 'Better User Experience': MoonPay CEO
  • BitGo Managing Director Joe Bruzzesi told CoinDesk the partnership will involve MetaMask Institutional being integrated with BitGo wallets. He says that’s significant because it “validates the growing appetite for institutional investors to participate in DeFi with the highest level of security possible.”

    Bruzzesi said BitGo is seeing pent-up demand from institutional players to gain access and exposure to decentralized lending platforms.

    BitGo currently has $40 billion in assets under custody; once the integration with MetaMask Institutional is completed, over 500 firms in crypto will be able to access DeFi.

    MetaMask Institutional said it will announce the integration of additional custodians at a later date.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.