MetaMask, software of Ethereum-based blockchain company, ConsenSys, disclosed that the popular crypto wallet has garnered 21 million monthly active users.
The company also announced on Wednesday, that it secured $200 million in funding from its partnership with Coinbase Ventures, HSBC, and other investors.
Beginning as an Ethereum incubator, ConsenSys launched its first flagship software product, MetaMask.
In April, the wallet recorded 5 million users and has since gained a 420% increase in 6 months due to the massive growth of the entire crypto market in the fourth quarter of this year. The wider adoption of DeFi, NFTs and blockchain gaming also helped the wallet.
Q4 has been really good for MetaMask as it has received more than 10 million new users in the last 3 months. This is mostly due to the adoption of Web3 applications.
With MetaMask, users can trade ETH and erc20 tokens in real-time in blockchain-based gaming platforms like NFT marketplaces, DAOs (Decentralized Autonomous Organizations), and metaverse applications.
In an era of NFTs, metaverse applications and play-to-earn crypto games like Decantraland and Axie Infinity, more people will start using MetaMask as it remains one of the easiest platforms for trading ETH-based tokens.
In the future, MetaMask will face fierce competition from applications like BAC, Solana, and Polygon, who are already adopting to the wider blockchain network.
However, ConsenSys has stated that the new $200 million funding round will be used to upgrade MetaMask, explore opportunities for expanding beyond Ethereum blockchain, and also find more efficient ways to engage and relate with the wider crypto market. ConsenSys is currently valued at $3.2 billion.
MetaMask, the digital currency wallet, was founded in 2016. It was created as a form of a browser extension that supports Ethereum ecosystem, and also easy connection with a decentralized app (dApp).
Founder of ConsenSys, Joseph Lubin stated that MetaMask is the future. Its unique features is what set the crypto wallet apart from the rest.
Jacob Cantele, head of product, MetaMask also noted that the hope of MetaMask and other hybrid wallets is to usher in an era of what’s known as Web 3 and facilitate decentralized internet-based services, and also give users privacy and more control over data collection.
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