Today, Consensys announced a new offering from MetaMask to provide cryptocurrency funds, custodians, and professional traders with institutional-grade features and controls for connecting to decentralized finance (DeFi) protocols and applications. MetaMask is the world’s most popular Ethereum wallet and Web3 browser, with more than 1 million monthly active users. MetaMask Mobile, which debuted in September, simplifies the process to use DeFi applications, and a new token swaps feature provides a simpler experience and better execution for trading digital assets. MetaMask Version 8 brought new levels of privacy to Web3, giving users the ability to select one or more accounts to associate with a website, or create a new account just for that site.
In the past year, Ethereum’s DeFi ecosystem grew to over $14B in collateral. Custody providers increasingly seek exposure and access to the diverse decentralized finance opportunities that compose Web3 for their assets under custody. Yet, for professional trading firms looking to use the most attractive DeFi protocols, the current process is inefficient. Trading firms also require robust reporting for accounting, tax, and P&L purposes.
To solve these pain points, Consensys will begin offering trading firms and crypto custodians an institutional-grade version of MetaMask with new features to enable secure use of DeFi protocols and other applications. Customers can swap tokens, borrow, lend, and invest in Ethereum applications with the same familiar user experience of MetaMask — yet with the operational, security, and reporting features necessary to run a professional DeFi trading desk.
“MetaMask is the premier non-custodial experience for interacting with DeFi applications. We are excited to partner alongside technology leaders like Curv to build institutional-grade operations and compliance that traders need in order to really start growing their participation in DeFi,” said Patrick Berarducci, Global Fintech Co-Head, Consensys.
Consensys’ first partner is Curv, a leader in digital asset security, which today announced Curv DeFi, an enterprise-grade decentralized finance (DeFi) solution for institutions. Curv will integrate MetaMask with Curv's digital asset security infrastructure.
“We believe by combining our unique multi-party computation (MPC)-based security infrastructure with MetaMask we will be able to play a significant role in the institutional adoption of DeFi,” said Curv Co-Founder and CEO Itay Malinger. “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. Curv’s partnership with MetaMask enables the combined ease of use and application-readiness of MetaMask together with Curv’s enterprise-level controls and protections that is core to our security infrastructure.”
Early Adopter Program
Leading up to the commercial launch of the institutional version of MetaMask, Consensys Codefi will collaborate with a select group of partners, custodians, and professional trading firms to enable them to shape product features, influence the development roadmap, and gain early access to the new MetaMask integration for their clients. Ideal partners have customers who are already deploying capital into DeFi protocols and would be closely engaged during product development. Get in touch if you’d like to join the Early Adopter Program.
Planned features include:
Enterprise security. Direct integration with the leading custody providers eliminates the need for multiple transfers to deploy capital into DeFi applications, with multi-signature support.
Better risk management and operational controls. MetaMask will add configurable approval flows to trigger more sophisticated trades and enable business logic around the amount of capital deployed and where.
Trade with confidence. Mempool monitoring and private transaction submission eliminates transaction frontrunning. Support for BLS key generation and withdrawal for Eth2.
Easy compliance, accounting, and tax: Trade with the peace of mind that compliance checks, accounting, and tax reporting is taken care of.
Consensys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, Truffle, and Diligence, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open source foundation, we are building the digital economy of tomorrow. To explore our products and solutions, visit https://consensys.io.
About Curv (www.curv.co)
Curv is the world's most trusted digital asset security infrastructure that is delivered as a fully scalable, enterprise-grade and compliant cloud service. Curv's multi-party computation (MPC) technology simultaneously provides institutions the protection, instant availability, and total autonomy over digital assets required to thrive in the digital economy. The company is the only cloud-based, MPC wallet provider for institutional digital assets and the first of its kind to achieve both SOC2 Type II Certification and ISO 27001 accreditation. Curv also provides additional peace of mind by insuring up to $50M of digital assets backed by Munich Re, the only Internet-connected crime insurance policy to date and one of the largest policies in the market. Curv is swiftly being adopted by leading exchanges, custodians, OTC desks, brokers, traditional financial institutions and digital asset managers. Founded in 2018, Curv is headquartered in New York with R&D offices in Tel-Aviv, Israel.