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Metamask is seeking to grow the $14 billion DeFi ecosystem by attracting institutional investors with a new wallet that could ârun a professional DeFi trading desk.â
Ethereum wallet MetaMask is seeking to attract institutional investors into the decentralized finance sector with the soon-to-be-launched institutional-grade version.
The popular wallet, with more than 1 million monthly active users, introduced token swaps in October this year, and is now looking to expand even further. Developers ConsenSys identified that DeFi protocols are currently too inefficient for professional trading firms, and there is no ârobust reporting for accounting, tax, and [profit and loss statement] purposes.â
As per the announcement, the upgraded version is aimed at âtrading firms and crypto custodiansâ and will provide them with âinstitutional-grade features,â including the ability to âswaps tokens, borrow, lend, and invest in Ethereum applications.â It will also provide users with âoperational, security, and reporting features necessary to run a professional DeFi trading desk.â
Digital asset custody firm Curv will be the walletâs first user, incorporating the new MetaMask wallet to build its new Curv DeFi product, which will be used by the firmâs existing clients, including eToro.
Curv CEO and co-founder Itay Malinger said there is a pressing need for institutional-grade DeFi solutions:
âSince 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.â
In the lead-up to the institutional walletâs release, ConsenSys Codefi will launch an Early Adopter Program where âselect partners, custodians, and professional trading firmsâ will gain early access to help shape specific product features.
Earlier this year, MetaMask launched its mobile wallet and upgraded the Web3 browser wallet to 8.0 with added features, including the ability to âselect one or more accounts to associate with a website.â
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