MetaMask Institutional will integrate with Fireblocks MPC platform.

MetaMask, a Web3 wallet, will be integrated with Fireblocks’ multi-party computation (MPC) platform, which will allow Fireblocks users to access the wallet’s portfolio dashboard. The announcement was made on June 6, and the integration will be part of the MetaMask Institutional product, which is designed for institutional investors. The integration is scheduled to go live on June 12.

The MetaMask Institutional is a wallet software that offers a variety of features to institutions, including staking and lending of cryptocurrencies. It does not hold funds for institutions but instead allows them to choose from multiple custody technology providers. Fireblocks is the latest provider to join the list, which includes BitGo, Gnosis Safe, Parfin, Hex Trust, and others.

Fireblocks uses a multi-party computation process that splits the user’s private key into shards and distributes them across a decentralized network. This makes the wallet more secure by preventing any one node from having access to the full key. Over 1,800 institutions use Fireblocks to secure their crypto.

Related: New tech could make crypto and Web3 wallets more convenient

The integration will give Fireblocks users access to MetaMask Institutional’s portfolio management capabilities and all-in-one dashboard, allowing them to do native token swaps and Ether (ETH) staking directly from the dashboard. The dashboard also enables users to view performance and profit and loss data for particular tokens and decentralized finance protocols.

Johann Bornman, global product lead for MetaMask Institutional, stated that the integration was made partially in response to growing demand from institutions to enter the Web3 market:

“With the exponentially increasing demand from organizations to enter web3, MetaMask Institutional is focused on providing the most expansive ecosystem access. […] This integration brings together two marquee products and further supports our goal to bridge every organization into web3.”

Fireblocks was one of the earliest MPC wallet providers, along with ZenGo. It launched Payments Engine in October, which is used by payment providers Checkout.com and Worldpay. In August, Fireblocks implemented a token minting feature by integrating with Tokeny.

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