Popular DeFi Wallet MetaMask Gets First Ever Custody Solution

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The nascent world of decentralized finance (DeFi) has until now been avoided by institutional investors because of its perceived lack of security. Due to the nature of a decentralized system, the provision of custody has been difficult since coins can’t be safeguarded in a traditionally centralized manner.

Now, Cactus Custody, a new custodial solution powered by Matrixport, has become the first integrated custodian on the new MetaMask Institutional (MMI) platform. Its DeFi Connector solution supports MMI’s multi-chain capabilities and all compatible chains on the Ethereum Virtual Machine (EVM).

This means users of the MMI system not only have secure custodial storage on Ethereum but complete cross-chain compatibility to other DeFi networks including Binance Smart Chain (BSC), Polygon, Smart Bitcoin Cash, Avalanche, Fantom, Arbitrum, HECO, Harmony One, and Celo.

“This is a profound DeFi offering for institutions,” said Johann Bornman, Product Lead for MMI. “With our latest custodial account multichain feature, Cactus Custody not only supports multiple EVM chains, but also allows institutions to freely bridge digital assets across these networks.”

DeFi Connector

DeFi Connector will help to better align the decentralized finance sector with modern regulatory procedures by providing a fully transparent and auditable system. Private keys can now be safeguarded in a Hardware Secure Module by a qualified custodian, giving institutional investors the peace of mind and legal freedom to get involved in DeFi.

It’s a huge step forward for the DeFi sector, which has until now been mired with multiple hacks and thefts that have scared of institutions. DeFi has incredible potential to revolutionize the finance world but without solid, reliable security, it will never get that chance.

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