Blockworks recently revealed that MetaMask had reached a new milestone in its number of active users. The decentralized wallet has hit 30 million active users in March 2022.
The Growth of MetaMask
The crypto wallet was launched in 2016 and has gained millions of users worldwide since its launch. The recent milestone is quite significant given that the platform had only 1 million active users or wallets in October 2020. In less than two years, the ETH-based blockchain company has grown by more than 30x.
This magnificent growth came after MetaMask launched its app on android and iOS in 2019/20. Before 2019, MetaMask was only available as a crypto wallet extension on Google chrome. This posed a challenge for the company as several fraudsters created extensions that mimicked the crypto wallet.
In 2019, the platform began testing mobile versions of the wallet before officially launching these versions late in 2020. Users find it more convenient to use the mobile versions of crypto wallets, and the growing numbers prove that.
Notably, an individual can create multiple wallet addresses. Crypto users know that 30 million wallet addresses do not necessarily translate to 30 million users. However, using active wallet addresses to gauge the company’s growth is still a valid metric.
The growth of the company has not come without challenges, though. The company has struggled to keep up with the protection of users’ privacy. Many tech geeks have criticized MetaMask for its lax security. Data collection networks and web trackers have been able to extract users’ data from the crypto company.
Despite these setbacks, the company has still soared. Although MetaMask was initially built to support ERC-20 tokens, tokens of other blockchain networks can be integrated into the wallet. This has made it a valuable tool for crypto investors and traders.
