New research from app analytics and marketing platform App Radar has found that 2021 was a record year for crypto apps with over 82.9 million Google Play Store downloads compared to 13.5 million in 2020.
The insights team at the platform analysed the 2020 and 2021 Google Play store performance of 12 of the most popular leading apps for storing and trading cryptocurrencies, including European based Blockchain.com, Currency.com, BitPanda, BitStamp and Change.
Global downloads could hit 365 million by the end of 2022
Globally, the 12 apps analysed have almost 120 million total lifetime downloads on Google Play – with almost 80M added in 2021 alone. In 2021, Binance led the global download race with over 35 million downloads.
If these growth rates were to continue, the global android market could hit almost 365 million total lifetime downloads by the end of 2022.
BitPanda leads growth of European-based crypto apps
In Europe, the market growth was led by Austrian unicorn BitPanda. It gained almost 800,000 (nearly 500% increase on 2020), Estonian platform Change saw almost 175,000 downloads (365% growth) and London-based Blockchain.com gained 570,000 (20% growth).
This indicates that users are downloading multiple apps, as recent estimates* put cryptocurrency ownership in Europe at around 18 million people. While there is still scope for growth in new users, retaining existing customers will be critical to market share.
“We’re getting closer and closer to crunch time for crypto apps. More people are taking investing and owning cryptos and NTFs more seriously, so the battle is on to be their preferred wallet or trading platform. And given the digital nature of crypto, the centre stage for that battle is people’s phones,” comments Thomas Kriebernegg, MD and Co-Founder of App Radar.
“Retaining customers is the difference between success and failure, customers can swap to your competitors in just a few taps. Features, usability and visibility in the marketplaces are critical to taking market share in Europe”