According to blockchain asset advisory company Alphabit, over one million people opened a digital wallet with just three providers in the past week.
“With some security breaches and crypto market cap at an all-time high, the industry is seeing an explosion of interest in secure wallet providers,” said Alphabit CEO Liam Robertson, who manages the US$300million regulated Alphabit Digital Currency Fund.
Speaking at a Blockchain event in Dubai, Robertson said institutional investors are now closing second round deals with cryptocurrency wallet developers as the industry continues unrivalled growth.
“Over one million people signed up with only three wallet providers in the past week, and we are seeing an influx of second round institutional money into this space,” Robertson said.
A major beneficiary of investor interest is San Francisco based Metal Pay, (MTL), a new crypto app which stores currency and carries out transactions with other users – except customers earn rewards every time they spend or send money.
“I think Metal is changing the way we interact and view cryptocurrency and I believe they are currently closing a second-round investment with a prominent billionaire entrepreneur who has already invested in another wallet,” Robertson said.
Alphabit Fund was one of the first-round investors in Metal, which utilises a unique method of coin distribution called Proof-of-Processed-Payments (PoPP) where users receive a 5% transaction reward (paid in MTL).
Roberston added: “We’re excited to see more people engaged and actively participating in the digital currency ecosystem, but we are also excited to see that flow of institutional money coming in.”
Metal Pay is already proving to be a pioneer by conjoining traditional bank accounts and multi-currency wallets into one platform: allowing users to condense all of their digitally held funds under one, unifying, secure application.
‘Metal Vault’ is the company’s first wallet product that holds Metal, Ethereum, Bitcoin, all ERC20 tokens and is available for download at http://www.metalpay.com