Web3: MetaMask Institutional, Fireblocks to Offer DeFi, Web 3.0 Access to Institutional Investors

ConsenSys and Fireblocks announced the integration of MetaMask Institutional (MMI), the web3 wallet for organizations and the first multi-custodial institutional web3 offering on the market, with Fireblocks, an easy-to-use platform “to build innovative products on the blockchain and manage day-to-day crypto operations.”

The integration, which will go live on June 12th, “brings together two prominent web3 companies to provide institutional investors and builders with best-in-class wallet security alongside increased access and functionality to DeFi and web3.”

The integration will allow users “to access over 17,000 DeFi and web3 dapps such as Aave, Lido, and GMX when they connect their Fireblocks accounts to MMI.”

Once connected, organizations can “trade, invest, lend, borrow, provide liquidity, and bridge assets across EVM chains with MMI, while benefiting from the security of Fireblocks’ MPC wallet infrastructure and Policy Engine for transaction governance and signing.”

MMI’s suite of portfolio management capabilities and the all-in-one dashboard “will also be available for monitoring and reporting on positions across dapps.”

In addition, MMI will provide Fireblocks’ users with the following:

  • Enhanced web3 portfolio management with digital asset monitoring, protocol allocation breakdowns, and in-depth transaction reporting—all on one dashboard;
  • Native token swaps and ETH staking directly from the MetaMask Institutional extension or dashboard;
  • Team management settings with automated onboarding, and organization-wide portfolio views; and
  • Performance and P&L attribution metrics for all ERC-20 tokens and the largest DeFi protocols.

The integration between MetaMask Institutional and Fireblocks “comes as the crypto industry continues to experience promising development that is fueling institutional interest and adoption.”

According to an EY-Parthenon research, institutional investors overwhelmingly believe in the long-term benefits of crypto/digital assets, “with nearly 60% making efforts to enter the space.”

As institutional interest in the crypto market increases, there is “a growing need for secure and efficient digital asset management solutions.”

This partnership reportedly “provides institutional investors and builders access to the best of both worlds: MMI’s unparalleled access to the web3 ecosystem and Fireblocks’ institutional-grade security and key management.”

The integration builds “on MetaMask Institutional’s extensive suite of now twelve custodians and custody technology providers that provides choice, security, and operational efficiency for crypto funds, web3 builders, and all organizations seeking exposure to the digital asset class.”

Johann Bornman, Global Product Lead for MetaMask Institutional, said:

“With the exponentially increasing demand from organizations to enter web3, MetaMask Institutional is focused on providing the most expansive ecosystem access while satisfying the most diverse and rigorous institutional requirements. Fireblocks is the leading institutional digital asset self-custody platform, and we are truly delighted to be working with the team. This integration brings together two marquee products and further supports our goal to bridge every organization into web3.”

Idan Ofrat, Chief Product Officer & Co-founder at Fireblocks, said:

“As DeFi and web3 strategies become increasingly sophisticated, Fireblocks is constantly looking to improve our customers’ ability to engage with the space. We’re proud to be able to work with MetaMask Institutional and provide our customers with an enhanced portfolio management experience that meets the high security and compliance standards our customers have come to expect.”

Prior to today’s announcement, MMI onboarded eleven custodians “to serve the needs of organizations with unique key management requirements in different jurisdictions across the US, EMEA, and APAC regions.”

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