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Matrixport Grows With DeFi, Becomes First MetaMask Institutional Custodian With Multi-chain Capabilities

The institutional custodian solution launched by Jihan Wu’s Matrixport says it has taken a step that makes it become the world’s first MetaMask Institutional (MMI) integrated custodian that is able to support MMI’s multi-chain capabilities and all Ethereum Virtual Machine (EVM) compatible chains.

Its Cactus Custody introduced the “DeFi Connector” feature to make institutional clients be able to have seamless and secure connection with decentralised finance (DeFi) protocols through MMI. 

The feature also helps implement enterprise-grade controls and role-based approval process during interactions with DeFi and keep smart contract addresses whose private keys are safeguarded by a qualified custodian secure.

 

DeFi’s growth continues 

The DeFi ecosystem continues to grow over its surpassed US$80 billion in Total Value Locked or 16x more than two years ago. The same period has seen DeFi’s growth generate as much attention in the cryptocurrency space, with countries having high raw volumes of cryptocurrency value being moved ranking highest in terms of its grassroots adoption. 

According to a Chainalysis report, this trend is common in middle to high-income countries or where cryptocurrency markets have fully developed, giving strong professional and institutional investors the space to dominate the DeFi scene.

“Standout countries exemplifying these trends are the United States, China, Vietnam, the UK, and several other Western European countries that rank high on the DeFi Adoption Index,” the Chainalysis Global DeFi Adoption Index notes

A recent study by DeFi platform VALK also suggests that institutional investors are now relying on a wide range of services to access DeFi platforms: 69% of them use web browser wallets over 48% who use physical wallets, and 43% who rely on custodians; around 27% use multi-party computation (MPC) solutions like Fireblocks while only 2% do not use any platforms. 

 

Matrixport furthers global push for one-stop crypto financial services

Cactus Custody is the third-party institutional custody service for Matrixport, one of Asia’s digital assets financial services platform. It started with support for the Ethereum chain to grant access to all Ethereum-based DeFi protocols.

Its latest upgrade now makes it possible for a multi-chain connectivity access across all EVM compatible chains, sidechains and Layer 2s which include Ethereum, Binance Smart Chain, Polygon, Smart Bitcoin Cash, Avalanche, Fantom, Arbitrum, HECO, Harmony One and Celo, etc. 

Cynthia Wu, Head of Sales and Business Development at Matrixport, notes that enabling the multi-chain capabilities will provide broader access to DeFi and adhere to world-class standards of security and compliance.

Matrixport became one of the partners of ConsenSys’ MMI in  October 2021 alongside  BitGo and Qredo to help institutional investors meet regulatory compliance requirements in the DeFi space. MMI is a version of MetaMask DeFi wallet for integrating institution-compliant custody, operational, risk, and compliance features. It was launched in December 2020 to address large numbers of leading institutional investors like crypto funds, market-makers, and trading desks, seeking to increase exposure to DeFi.

Matrixport last month launched its automated Grid Trading Bot service recently to help carry out a smart grid trading strategy for users to pre-set a price range and a series of purchase and sell orders within the range. The bot-powered trading strategy that supports trading pairs between USDT/USDC and BTC, ETH and BCH is to enable users to take advantage of market fluctuations to trade. 

 

 

 

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