Blockchain reaches 3-million wallet milestone

London-based digital wallet provider Blockchain announced this week that it has passed the 3-million wallet mark, reported the Wall Street Journal.

Blockchain CEO Peter Smith said the tally refers to “unique users” who are now most rapidly registering in nations like Argentina and emerging markets “on the periphery of the eurozone,” places where trust in the local financial system has been tarnished by crises, said the newspaper.

Blockchain also reported significant growth in transaction volumes, stating that more than $270 million in Bitcoin transactions took place via its wallets within the past week, said the Wall Street Journal. Blockchain said that this is an industry record, and represents a 200 percent increase from the same week a year ago.

Smith said that between 30 percent and 35 percent of transactions occurring via its wallets are “enterprise transactions,” where Bitcoins are transferred to and from companies like merchants and exchanges, and the rest are “peer-to-peer,” usually involving individuals.

The Wall Street Journal reported that Smith reiterated Blockchain’s case in the ongoing debate over whether its model of independent user-controlled wallets is better than those of custodial firms that manage customers’ personal keys on the grounds. Citing the outpaced demand for Blockchain wallets over others’ products in crisis nations like Argentina, Smith stated that “people have really low levels of trust in these markets, and they don’t want to trust people to hold onto their money. They want tools that allow them to manage their own funds.”

Edit: In a previous version of this article, the name “Peter Smith” was misspelled as “Pete Smith.” We apologize for the typo.