New Crypto Wallet Experiences 26x User Growth in Just 1 Week


Posted December 1, 2021 by charliegridlock

Gridlock, a new crypto wallet app which launched in late September, took their user base of just 450 up to 12,000 in the space of a week.

 
The Gridlock team was expecting a steady increase of users to 2000 by the end of November. However, they were completely awe-struck to see this goal hit within one hour; three weeks earlier than expected.

In a statement, CEO Derek Rodriguez said: ‘We started getting a rapid increase of members on our Discord server and decided to check the app database. We were not expecting such a huge increase in users so soon. Our database wasn’t ready’. After doing some research into their analytics and feedback from current users, it was determined that the increase came almost exclusively from word of mouth via in-app referrals. The app is still early in its lifecycle, but the concept seems to have resonated with people.

Gridlock’s self-proclaimed revolutionary tech is a new version of key splitting inspired by the Winklevoss twins. The cornerstone security feature, ‘Guardians’, promises to keep the user’s private key untraceable by not allowing its shares to ever be in the same place, even on generation. Up until now, the wallet allowed users to store, buy and transact with Ethereum.

But the next release is what the Gridlock team hopes will take them to 100,000 users and start to challenge some of the existing popular wallets like Metamask. Due to the rapid growth of Solana over the past few months, Gridlock has decided to add support for it as a priority. This implementation will allow users to safely store SOL, but also NFTs from the Solana and Ethereum blockchains. Furthermore, users will have a private gallery of sorts where they can view their NFTs from anywhere.

The sudden influx of new users caused Gridlock’s servers to crash and some of the new users weren’t able to generate a wallet, causing some backlash. The small startup certainly had their work cut out for them to battle the issues at hand and they were initially overwhelmed. The bugs have not stunted development though, as Solana support is still scheduled for release before the end of Q4.
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Issued By Charlie Stringer
Country United Kingdom
Categories Software , Technology , Blockchain
Tags crypto , crypto wallet , cryptocurrency , gridlock , solana
Last Updated December 1, 2021