The MetaMask Institutional wallet added Cobo NFT management to its growing list of custodial services for institutional investors.
Institutional investment is pouring into the crypto world, notably the nonfungible token (NFT) scene. In a reaction to the influx, MetaMask Institutional announced another addition to its custodial services offerings for institutional-level clients.
MetaMask’s partnership with NFT management and storage service Cobo aims to create a “one-stop platform” for large corporations dealing with digital assets.
Although MetaMask is a non-custodial wallet at its average user level, the institutional branch of the wallet has been adopting custodial partnerships in various countries around the world.
Tavia Wong, the director of marketing and business development for Cobo, told Bitkan that not only does custodianship provide asset protection, but for institutions specifically, custodianship becomes useful on an administrative level.
“Because of the high levels of users and different clearance levels, institutions require additional features to avoid internal failures and the consequences of negligence."
While wallets like MetaMask have been deemed not as “user friendly” in the past, this addition to custodial offerings prioritizes usability for big investors.
The new integration allows institutional clients to designate roles the company alongside internal collaboration tools. According to Wong, this enables user limits on buying, trading and selling as permitted by the administrator.
“With multisig access, it ensures that no single entity will be able to control all assets, removing any single point of failure."
Nonetheless, the debate between noncustodial and custodial wallets still rages on.
