The MMI integration with Cactus Custody could act as a bridge between digital assets on different networks.
MetaMask Institutional (MMI) has officially announced the full integration with Cactus Custody to provide its first multi-chain digital asset custody solution.
MMI first partnered up with Cactus Custody in October 2021 to incorporate the latter’s DeFi Connector functionality into MMI’s service package.
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The full Cactus Custody-MMI integration was announced on January 26. The Cactus Custody feature implemented in MMI will allow institutional customers to have multi-chain connectivity to all Ethereum Virtual Machine (EVM) chains, sidechains, and Layer 2s supported by MetaMask.
Among the named chains are Avalanche, Binance Smart Chain, Celo, Ethereum, and Polygon.
Commenting on the new integration, MMI product lead Johann Bornman said that the multi-chain EVM support provided on Cactus Custody’s end could act as a bridge for institutions, connecting digital assets across the different networks.
This is a profound DeFi offering for institutions.
Cactus Custody’s DeFi Connector function won’t just bind the different EVM chains together. The feature will be able to provide extra security and compliance aspects. These will include audit trails for transactions done on MMI, private key safeguards, and role-based approval processes, among others.
MetaMask Institutional was established in December 2020 as an “institution-compliant extension” for the MetaMask DeFi wallet. It provides additional security measures, as well as custodial and compliance features for the ever-increasing number of institutions partaking in DeFi.
The aim of the MMI product is to provide institutional investors overview and access to the entire DeFi sphere from their MMI wallets. It maintains a user base of over 21 million active users at the time of writing.
Among MMI’s other custodial partners are some recognizable names, like Qredo, the decentralized custody firm, and BitGO, a multi-signature wallet provider.