“There remains an experience of incomparable value” – Dietrich Bonhoeffer

Given the slew of Crypto conferences over the start of Q3 of this year, our usually punctual quarterly review has been delayed this quarter. I hope Titus Livy’s famous quote: “better late than never” duly applies. The second quarter of 2024 starkly juxtaposed Q1 regarding institutional on-chain activity. Thus far, this bull cycle has been in stark contrast to the previous cycle’s Cambrian application explosion. Accordingly, we have seen far fewer crypto fund formations and hear of Crypto VCs struggling to deploy capital. With the Bitcoin and Ether ETFs, we have seen more traditional organisation adoption, and hence, interestingly, our fastest growing user segment has been organisations building on-chain.

MetaMask Institutional (MMI) dedicated its Q2 to continued rapid innovation within our three product experiences. We tend to apply Marc Andreessen’s “It’s time to build” continually. We add more network coverage every quarter, increasing our uptimes and reducing our latency.

Extension & Integrations

“Strive not to be a success, but rather to be of value.” – Albert Einstein

The MMI extension provides connectivity to all of web3, most notably the frontier of web3. There are many web3 connectors and an increasing handful of institutional options. MMI offers the most comprehensive access to web3 connectivity and institutional key management options. MMI is the only multi-custodial wallet that exists. We also provide enterprise-grade uptimes, reliability and consistency, and the industry's best customer support. We dedicated Q2 to our unwavering reliability strategy. We shipped a range of updates to ensure our users' highest uptimes and reliability. We also shipped user experience improvements, from improved settings to custodian connectivity via QR scanning (reducing latency to account importing).

Portfolio Dashboard

“Price is what you pay, value is what you get” – Warren Buffet

Our portfolio dashboard is a curated web3 read (view) and write (execution) institutional tool. Its sole focus is to empower an organisation to monitor, manage, control and report on all their crypto assets. We support all EVMs, Solana, Bitcoin and centralised exchange data. Our on-chain data shows detailed time-weighted profit and loss (P&L) and performance metrics. We offer snapshot valuations, where organisations can choose the exact time of day they want to value their assets. An organisation can consume, analyse, view and share these valuations via a read-only UI, CSV or API.

We dedicated our quarter to three main initiatives:

1. In our focus on showing an organisation any asset, we added further centralised exchange data coverage anywhere with Binance and OKX integrations. We also extended the number of DeFi protocols we cover regarding detailed performance and P&L data. Our DeFi adapters, DeFi SDK, and APIs power our portfolio dashboard, and we spent the quarter focused on ensuring maximum coverage for our users.
2. We launched a complete user interface refresh, allowing more advanced monitoring and tracking.
3. We launched our new pricing model, moving to seat-based pricing.

Our new pricing model gives users more consistency and control over their costs. Along with this change, we shipped a delightful user experience for users to view, download and pay their monthly invoices (in crypto and Fiat) from the portfolio dashboard.

APIs

“You want your customers to value your service” – Jeff Bezos

In Q2, we launched our API suite to empower organisations programmatically to monitor, manage, control and report on their web3 assets. Today, we offer valuations, transaction history and detailed DeFi positions. In Q2, we added centralised exchange data to our API suite. We also improved latency and data freshness for our users.

Q3 2024

“Forget goals. Value the process.” – Jim Bouton

In Q3, we will launch a series of new features to give further crypto access. Empowering organisations with the ability to monitor, manage, control and report on positions and also to be able to transact safely and securely. Users will see greater network coverage, in-depth valuations and attribution and a continued increase in key management solutions. All available via our user interfaces and our APIs. We will also be attending Token2049 and hosting a private event. If you are able to attend, we’d love to connect with you.

Johann Bornman, Director of Product Management

Explore MMI