Blockchain software firm and MetaMask developer ConsenSys unveiled on September 28 the third round of institutional custodians that have been onboarded to MetaMask Institutional (MMI), a version of MetaMask designed to meet the needs of the rapidly growing number of institutions embracing Web3 and investing in decentralized finance (DeFi).
Singapore-based crypto asset management platform Cobo, trading platform provider Floating Point Group, digital wallet infrastructure platform Liminal and licensed digital asset custodian Propine will join MMI’s already expansive suite of custodians, enhancing choice, security, and operational efficiency for crypto funds, market-makers, trading desks, decentralized autonomous organizations (DAOs) and other organizations.
Additionally, Cobo cooperated with MMI on a new software program called Cobo NaaS (NFT-as-a-Service), which has been designed to allow users and businesses to safely store their NFTs.
MMI was launched in 2021 with the mission of offering all organizations across the globe a bridge to Web3. Now, over 1,800 organizations have access to the MMI wallet, including crypto and DeFi-native funds, traditional financial institutions, non-financial enterprises, and DAOs.
Prior to its latest announcement, MMI previously onboarded seven custodians to serve the needs of organizations in different jurisdictions with unique key management requirements across the US, EMEA, and APAC regions. With the newest four custodians, MMI is expanding its geographical footprint, with Cobo, Liminal and Propine in Asia and MENA, and FPG in the US.
The addition of these four custodians to MMI comes immediately after Ethereum’s historic Merge, in which the network abandoned the Proof of Work algorithm in favor of Proof of Stake, reducing electricity consumption and the carbon footprint of the Ethereum network by 99.988% and 99.992%, respectively. By becoming more sustainable, Ethereum is removing barriers to adoption by institutions that would otherwise have been deterred by its high environmental cost.