MetaMask Introduces New Enterprise Wallets for Targeting Institutions

One of the popular Ethereum wallets in the market is MetaMask and now, it is trying to attract global institutional investors into the world of decentralized finance (DeFi). The company is planning to do so with the launch of a new wallet, which is especially developed for these institutional investors. There is no doubt that MetaMask is a popular wallet because it has more than 1 million active users on a monthly basis. In fact, the wallet went as far as introducing token swaps in October and it already has plans of expanding its offerings even further.

It had already been identified by ConsenSys Developers that DeFi protocols are regarded as too inefficient right now by professional trading firms and this is primarily because of a lack of robust accounting, tax, and P&L reporting services. Moreover, the announcement made by the company itself said that the upgraded version is specifically being launched for crypto trading and custodian firms, thereby providing a number of features that would be appealing to institutional investors. This includes lending, swaps, investment and borrowing across different Ethereum applications. In addition, the announcement also said that users of the wallet will be provided with operational, security, as well as reporting features that are all necessary when you operate a professional decentralized finance (DeFi) trading desk.

A digital asset custody company known as Curv will be the first one to make use of this new institutional-grade wallet. The new MetaMask wallet will be integrated by the company into its new DeFi product, which will be used by their existing clients. The company has some prominent clients and one of them is eToro. The chief executive officer and co-founder of Curv is Itay Malinger, who made a statement about this new integration by the custody firm. He stated that there was an increasing need to introduce DeFi solutions that were targeting institutional clients because these people are forced to make use of retail versions of the MetaMask wallet.

The only other option at the disposal of these institutional clients is to develop custom integrations with different apps with the purpose of facilitating a workaround. While the release of this new institutional wallet is on the calendar, an Early Adopter Program is also in the works by ConsenSys Codefi. The purpose of this program is to enable a select number of institutional trading firms, partners and custodians to get early access to this wallet in order to try it out.

Doing so will help the company in getting feedback, thereby allowing them to shape some specific features as well. Earlier this year, the firm had also launched a mobile wallet for MetaMask. In addition, an upgrade had also been made to the Web3 Browser Wallet, as its 8.0 version was introduced for the purpose of adding in a number of new features. Amongst the different features added is also one that allows the users to choose one (or more) accounts that exist on a specific website.