MetaMask announces first multi-chain digital asset custody service

• Cactus Custody, the institutional branch of Consensys-owned MetaMask, has integrated its first multi-chain digital asset custody service connection to all Ethereum Virtual Machines.

• Cactus Custody’s multi-chain EVM compatibility, according to MMI product lead Johann Bornman, would let institutions “freely connect digital assets across different networks.”

• Since August 2021, MetaMask’s monthly active users have more than doubled, with the website reporting a total of more than 21 million at the time of writing.

MetaMask is a browser extension that lets you access Ethereum-enabled distributed applications, or “Dapps,” on your computer.

Johann Bornman, MMI’s product lead, described the connection with Cactus Custody’s DeFi Connector as a “deep DeFi offering for institutions.”

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The add-on injects the Ethereum web3 API into the javascript environment of every website, allowing dapps to read from the blockchain.

When a Dapp wishes to make a transaction and publish it to the blockchain, MetaMask also allows users to create and control their own identities (through private keys, local client wallets, and hardware wallets like TrezorTM), allowing them to evaluate the transaction before accepting or rejecting it.

Connect digital assets across networks with ease

In October of last year, MetaMask Institutional (MMI) collaborated with Cactus Custody, which is owned by crypto financial service platform Matrixport, to add its “DeFi Connector” tool into MMI’s variety of services.

Cactus Custody’s capability will now give institutional customers a multi-chain connection to all Ethereum Virtual Machine (EVM) chains, sidechains, and Layer 2s supported by MetaMask, including Ethereum, Binance Smart Chain, Avalanche, Celo, and Polygon.

Cactus Custody’s multi-chain EVM compatibility, according to MMI product lead Johann Bornman, would let institutions “freely connect digital assets across different networks.”

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“It will be a significant DeFi option for institutions”

Additionally, the DeFi Connector feature will enable additional security and compliance elements, such as audit trails for MMI transactions, private key protecting, and “role-based approval” processes for interactions with DeFi platforms.

MMI was created in December 2020, and its wallet varies from Metamask in that it has extra security, compliance, and custodial capabilities that are critical for the increasing number of institutions that are coming to DeFi. The solution intends to provide institutional investors with access to the full DeFi ecosystem through their MMI wallets.

Top crypto organizations such as Qredo, a decentralized custody service, and BitGo, a multi-signature wallet provider, are among its current custodial partners.

Since August 2021, MetaMask’s monthly active users have more than doubled, with the website reporting a total of more than 21 million at the time of writing.