MetaMask Tops 21 Million Monthly Users, Parent Company ConsenSys Raises $200M

The popular Ethereum wallet MetaMask has hit another milestone in terms of active monthly active users while the company behind it has raised millions in funding in funding.

In an announcement on Nov 17, ConsenSys, the firm that develops MetaMask, revealed some milestone figures for the world’s most popular Ethereum wallet.

MetaMask now has around 21 million monthly active users which is an increase of 38 times from 2020 figures. The crypto wallet interacts with an ecosystem of approximately 3,700 unique Web3 applications, it added.

MetaMask’s swap feature has enabled more than $10 billion USD in peer-to-peer token swapping but has been criticized for high fees. The wallet uses a dynamic service fee that ranges between 0.3% and 0.875% per transaction, adding gas fees to that can make transactions on layer 1 Ethereum expensive.

To save on the fee payment pain, MetaMask also supports a range of layer 2 networks such as Polygon, Optimism, Arbitrum, zkSync, BSC, Celo, Avalanche, and NEAR.

The wallet also has a MetaMask Institutional version that integrates custody and compliance solutions enabling organizations and institutions to engage in DeFi.

ConsenSys raises $200M

In the same announcement, ConsenSys reported the close of a $200 million financing round, bringing its valuation to $3.2 billion. The round follows the $65 million that the firm raised in April from backers that included JPMorgan, Mastercard, and UBS.

New investors to the round were Marshall Wace, Third Point, ParaFi Capital, and Think Investments. It also included participation from HSBC, Coinbase Ventures, Dragonfly Capital, Electric Capital, Spartan Group, DeFiance Capital, and Animoca Brands.

Founder and CEO of New York-based ConsenSys and co-creator of Ethereum, Joseph Lubin, commented the paradigm shift to a world running on decentralized protocols is in full gear, before adding:

As our technology crosses into the mainstream, we are already seeing the transformation of how larger and larger cohorts of builders, users, artists, and enterprises live and work.

Massive developer base

The company’s developer tools and infrastructure are powered by Infura, which is used by 350,000 developers including MetaMask and leading DeFi and NFT platforms.

ConsenSys is also integrating its other products with Infura such as Truffle which has 4.7 million developers working on writing, testing, and securing smart contracts.

The firm has its own enterprise blockchain solution called Quorum which is already in use by ten different central bank digital currency (CBDC) projects, it stated.

In August, Lubin commented that Ethereum will be “orders of magnitude” larger than Bitcoin in the future running on a decentralized Web 3.