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The Web3 MetaMask Wallet will integrate with the Fireblocks Multi-Party Computing (MPC) platform, allowing Fireblocks users to access the Dashboard wallet portfolio, according to a June 6 announcement. The integration will be part of the MetaMask institutional product aimed at institutional investors. It will air on June 12th.
MetaMask Institutional is a wallet software that offers various features to institutions, including the ability to staking and lend cryptocurrencies. It does not hold funds for institutions. Instead, it allows institutions to choose between multiple storage technology vendors. Fireblocks is the latest provider to join a list that includes BitGo, Gnosis Safe, Parfin, Hex Trust and more.
Fireblocks uses multi-party computing, a process that breaks a user’s private key into shards and distributes the shards across a decentralized network. This can help prevent any node from accessing the full key, potentially making the wallet more secure. The company claims that more than 1,800 institutions use its service to protect their cryptocurrency.
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The new integration will give Fireblocks users access to MetaMask Institutional and Dashboard all-in-one portfolio management capabilities, allowing them to perform token swaps and staking Ether (ETH) directly from the Dashboard. The Dashboard also allows users to view performance and P&L data for specific tokens and decentralized finance protocols.
According to Johann Bornmann, global product manager for MetaMask Institutional, the integration was done in part in response to growing demand from institutions to enter the Web3 market:
“Due to the exponentially growing demand from organizations for access to web3, MetaMask Institutional is focused on providing the widest possible access to the ecosystem.[…] This integration brings together two core products and further supports our goal of connecting all organizations in web3.”
Fireblocks was one of the first providers of MPC wallets, along with ZenGo. In October, the company launched the Payments Engine, which is used by Checkout.com and Worldpay payment systems. In August, Fireblocks introduced the token minting feature by integrating with Tokeny.