MetaMask, the Web3 wallet, will now integrate with Fireblocks’ multi-party computation (MPC) infrastructure.
This integration will allow Fireblocks users to access MetaMask’s portfolio dashboard. The feature will be part of MetaMask Institutional, aimed at institutional investors.
The launch date for this integration is set for June 12. MetaMask Institutional provides organizations various capabilities, such as staking and lending cryptocurrencies.
It doesn’t handle institutional funding directly but instead offers a range of custody technology vendors for institutions to choose from. The list of vendors has recently added Fireblocks, which already includes BitGo, Gnosis Safe, Parfin, Hex Trust, and others.
Key features of the MetaMask-Fireblocks integration
Fireblocks utilizes multi-party computation, which involves dividing the user’s private key into shards and distributing them across a decentralized network.
This approach enhances the wallet’s security by ensuring that no single node has access to the complete key. According to Fireblocks, over 1,800 institutions use its service to safeguard their cryptocurrency.
With the integration, Fireblocks users will gain access to MetaMask Institutional’s portfolio management features and a unified dashboard. They can perform native token swaps, purchase Ether (ETH $1,847), and directly stake from the dashboard.
Additionally, users can monitor the performance and profit/loss information of specific tokens and decentralized finance protocols through the dashboard.
Johann Bornman, the global product lead for MetaMask Institutional, states that they developed this integration. It was partly in response to institutions’ growing interest in the Web3 market.
He emphasizes MetaMask Institutional’s goal of providing broad ecosystem access and sees this collaboration with Fireblocks as a means to bridge organizations into Web3.
Fireblocks, along with ZenGo, was one of the earliest providers of MPC wallets. It introduced its Payments Engine platform in October, used by Worldpay and Checkout.com. In August, Fireblocks also incorporated a token minting feature by integrating with Tokeny.
