This Week In Crypto | 31 August - 7 September



Sep 7, 2021

10 MIN

Metamask Wallet Crosses the Mark of 10 Million Monthly Active Users

SEC Chairman Gary Gensler Appears Virtually Before the European Parliament

One in Six Australians Now Own Cryptocurrency

Court Directs Ripple to Hand Over 1 Million Slack Messages to the SEC

Crypto and Blockchain Jobs See Significant Growth

This week’s crypto updates highlighted the strong position DeFi is in at present. The Ethereum wallet and browser extension crossed the 10-million monthly users mark from being 1 million users-strong in October 2020.  The SEC chairman expressed his positive outlook about the crypto industry, while the share of crypto and blockchain-related job postings increased 118% in 10 months since September 2020.

Metamask Wallet Crosses the Mark of 10 Million Monthly Active Users

Standing testimony to the astounding growth story of decentralized finance in the recent past, Metamask, an Ethereum wallet, and browser extension, has registered more than 10 million monthly active users for the first time. 

While experts see this as part of the growth in demand for noncustodial wallets amidst the boom in DeFi and NFT, Metamask believes a host of factors had a crucial role to play. Some of the factors that it credited include the growing adoption of Ethereum, expansion of DeFi protocols, and the launch of its token swap solution. 

The growth in the number of monthly active users for Metamask has been quite sharp. The first one million users were acquired by the wallet in October 2020. In July 2020, the wallet had 545,000 users. The growth in Metamask usage has been proportional to that of DeFi, which has now proliferated to other chains. Apart from Ethereum, it is also leveraging the Binance Smart Chain and Polygon Network.

SEC Chairman Gary Gensler Appears Virtually Before the European Parliament

Gensler appeared virtually to speak to the Parliament’s Committee on Economic and Monetary Affairs. He especially focussed on the role financial technologies are playing in making economic flows more globalized and reducing the significance of national markets. According to Gensler, this shift could be “as big as the internet in the 1990s.”

To highlight the reason for his assertion further, Gensler cited the $2.1 trillion cryptocurrency market as a truly global asset class. To quote Gensler, cryptocurrencies are an asset class that has “no borders or boundaries” and operates “24 hours a day, seven days a week.”

While Finnish politician Eero Heinäluoma asked about the environmental impact of Bitcoins, Gensler responded by citing the increasing popularity of the more energy-efficient PoS networks, including Ethereum and Cardano. 

Gensler also endorsed the role that DeFi platforms play in offering direct access to millions of investors without any intermediary involved.

One in Six Australians Now Own Cryptocurrency

According to a survey conducted among 1,000 nationally representative Australians, 17% of Australians now own cryptocurrency. The total value of their holdings now adds up to US$8 billion. 

Predictably, Bitcoin is the most popular asset with 9% of Australians holding it, followed by Etherum (8%), Dogecoin (5%), and Bitcoin Cash (4%). 

The gender distribution was highly skewed towards the male population of the country. Men were twice as likely to become owners of crypto compared to women, 23% Vs. 11%. 

30% of Australians hold crypto to diversify their portfolios. 24% purchase the digital assets because they believe it is “going up” or appreciating. 

A large chunk of the population remains disinclined to crypto as 49% of the survey respondents said that nothing would make them want to invest in cryptocurrency. 

Court Directs Ripple to Hand Over 1 Million Slack Messages to the SEC

Sarah Netburn, an United States Magistrate Judge, has instructed Ripple to bring forth 1 million missing Slack messages among employees. The instruction has come as a response to the SEC seeking access to them. 

The judge believes that the messages would play a critical role in the SEC’s ongoing case against Ripple, a multibillion-dollar company, for selling unregistered securities. 

Although Ripple registered its protest against the court’s decision saying that it would not be reasonable to produce the messages at a cost of up to 1 million, the judge believed that the messages were far more significant to the case than they would cost to be produced before the court.

Crypto and Blockchain Jobs See Significant Growth

According to data compiled by the employment website Indeed, the share of crypto and blockchain jobs postings on the platform has increased by 118% compared to the number recorded in early September 2020. 

Since blockchain-related roles seek a strong knowledge of cryptography and expertise in ledger economics and object-oriented programming, they fetched higher salaries than other technology posts. 

The pandemic also opened up the horizon for remote workers as the crypto and blockchain industry thrives on decentralization.