With the upcoming institutional level version, Ethereum Wallet MetaMask aims to attract institutional investors to the decentralized financing sector.
In October this year the common wallet, with over 1 million monthly active users, launched token swaps, and is now looking to grow even more. Developers ConsenSys acknowledged that DeFi procedures are too inefficient for professional trading companies, and there is no “robust accounting, tax, and [profit and loss statement] reporting.”
According to cointelegraph.com, the updated version, as per the announcement, is aimed at “trading firms and crypto custodians” and will provide them with “institutional-grade characteristics,” including the ability to “swap tokens, borrow, loan, and invest in Ethereum applications.” It will also provide users with “operational, security, and reporting features necessary to run a professional DeFi trading desk.”
The wallet’s first user would be the digital asset custody firm Curv, leveraging the new MetaMask wallet to create its own Curv DeFi product, which will be used by current customers of the company, including eToro.
Curv CEO and co-founder Itay Malinger said there is a pressing need for institutional-grade DeFi solutions: “Since 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.”
ConsenSys Codefi will launch an Early Adopter Program in the lead-up to the launching of the institutional wallet, where “select partners, custodians, and professional trading firms” will receive early access to help form unique product features.MetaMask released its mobile wallet earlier this year and updated the Web3 browser wallet to 8.0 with added functionality, including the option to “select one or more accounts to associate with a website.”