Crypto wallet and blockchain gateway MetaMask is witnessing exponential growth with a 19x increase in users since July 2020.
MetaMask, founded in 2016, is an Ethereum-focused non-custodial wallet – which differs from crypto services such as Coinbase in that users own their account private keys and retain control of their digital assets.
According to ConsenSys – the New York-based software company behind Metamask – the crypto power tool now has more than 10 million active monthly users. ConsenSys credits MetaMask’s popularity to the rise of Ethereum (ETH).
“MetaMask’s exponential growth has tracked closely with that of the Ethereum ecosystem. In 2019, $2 billion in crypto assets were committed to Decentralized Finance (DeFi). Today, Ethereum supports a flourishing Decentralized Finance (DeFi) ecosystem with over $80 billion in assets under management.”
ConsenSys also says that the launch of token swaps on MetaMask mobile in March of 2021 helped to accelerate user growth.
As of August, ConenSys says the top 15 countries using MetaMask are the Philippines, United States, Vietnam, United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain. The firm says that Asia is the number one region in terms of user growth, followed by Europe and North America.
MetaMask is available as a mobile app and browser extension, and enables users to swap cryptocurrencies as well as purchase rare digital goods such as non-fungible tokens (NFTs).
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Featured Image: Shutterstock/Sergey Nivens