A recent report has revealed that popular cryptocurrency wallet MetaMask has reached a milestone of more than 21 million monthly active users following a funding round that saw Consensys surpass a $3 billion valuation.
Consensys Bags $200 Million in Funding
Consensys is a software engineering leader and blockchain developer for Ethereum-based decentralized applications (Dapp) like MetaMask.
The company had an initial target of hitting a $3 billion valuation amid the fundraising, but it surpassed its goal with $3.2 billion valuation after raising $200 million. Contributors to the success of the funding round include publicly-traded crypto company Coinbase, and new investors like Marshall Wace, Third Point, and a host of others.
MetaMask Surpasses 21M Active Monthly Users
Since its launch in 2016, MetaMask has captured a significant user base as one of the most widely used tools for interacting with the Ethereum blockchain and decentralized applications on the network.
Interestingly, just a year ago, Coinfomania reported that MetaMask released a mobile version of its wallet and browser extension, which at the time had some 400,000 monthly active users.
And now, acting as a digital authority manager for web 3.0, the software cryptocurrency wallet onboards a new peak of monthly active users, indicating a 110% increase from the 10 million monthly active users reported in August.
Aside from allowing users to connect with Ethereum and other networks that offer compatibility with the Ethereum Virtual Machine through an in-built browser, MetaMask has an in-app swap feature that allows interaction with over $10 billion token swappings.
Paradigm Shift
Joseph Lubin, Chief Executive officer at Consensys and co-founder of Ethereum, sees the latest move as a shift from “old to new.”
“The Age of Silos and Trusted Third Parties are giving way to the Age of Community and Collaboration enabled by an automated, objective, trust foundation, and a decentralized finance ecosystem. The paradigm shift to a world running on decentralized protocols is in full gear. The pace of adoption is now so rapid that we’ve more than doubled many of our core KPIs since this deal was struck over the summer,” he said.
