Will MetaMask Be the Preferred DeFi Wallet for Banks?
What makes a digital wallet a good match for banks and financial institutions? Tight security features, a massive user base, and its ability to be integrated into as many decentralized applications as possible. All these just so happen to be features of the non-custodial digital currency wallet, MetaMask.
Given its ability to grant users access to NFTs and decentralized apps, MetaMask is reaching new heights as the worlds of decentralized finance and non-fungible tokens continue to boom. This unique wallet is increasingly becoming the primary way that global DeFi users interact with 17,000 unique Web3 domains, the decentralized apps that run on Ethereum’s blockchain.
Just last week, the popular blockchain wallet managed to achieve a major milestone when its active user base topped a staggering 10 million users with monthly active users climbing 1,800% in just 12 months. This momentum has made MetaMask a front-runner in the race for becoming the preferred DeFi wallet of banks.
Anticipating this demand, MetaMask’s developers ConsenSys recently launched a new initiative called MetaMask Institutional (MMI) which targets institutional clients, granting them access to a plethora of cryptocurrency funds and exposure to the “diverse decentralized finance opportunities that compose Web3”. ConsenSys reports it has already signed numerous multi-billion dollar funds as clients.
Also very appealing to banks and institutions are MetaMask Institutional’s very unique features which include groundbreaking compliance on DeFi pools with unmatched pre and post-trade KYT (know your transactions) mechanisms. In short, MetaMask is able to provide DeFi exposure to banks all the while maintaining levels of institution-required security, operational efficiency, and compliance requirements.
To learn more about how crypto wallets, check out this explainer.