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Debut of Cryptocurrency Exchange Coinbase on Public Markets Drives Huge Increase in App Downloads

Date

30/04/2021

Written by

Airnow

Coinbase downloaded more than 1.5 million times during its first week as a public company; apps such as Robinhood, Crypto.com, Binance, and Trust gain as well

On the 14th of April 2021 Coinbase became the first major cryptocurrency company to be publicly traded on the Nasdaq. Coinbase, a San Francisco startup that allows people to buy and sell digital currency, became the first major cryptocurrency company to go public when it made its stock market debut on Wednesday.

The Coinbase app serves as a user-friendly “gateway” to the world of cryptocurrency, allowing users to securely buy, store and sell various cryptocurrencies, such as Bitcoin and Ethereum. According to Airnow Data, the Coinbase app was ranked the #17 overall most downloaded app in the world for the week of its debut on the Nasdaq.

In the U.S., for the week of April 13-19, 2021, Coinbase was the #5 overall most downloaded app on both Apple and Android platforms. The number of downloads increased by 791.9% on iOS and 308.5% on Android).

During the same time period in the U.K., the Coinbase app rose to #26 overall on iOS and #29 on Android.

Snowball Effect Helps Other Investments and Crypto Apps

Coinbase’s listing could be a watershed moment for the crypto world as it signals the growing mainstream adoption of cryptocurrency. While this coincided with huge growth in crypto-apps, the listing also caused increased interest in online investing in general as other investment-related mobile apps started to soar in downloads over the past week.

  • Robinhood saw a large increase in app downloads as well, rising to be the #3 most downloaded app on Apple devices over the seven day time period - an increase of 1500% since the prior week. On Android, it was the #2 app, representing an increase of 663% since last week. Although not crypto-related, the investment app saw increased numbers, likely resulting from interested investors looking to purchase shares of COIN.

  • Binance has had a huge week as well, with its app ranking #6 on Apple devices and #7 on Android devices in the U.K. Its downloads saw an increase of 307.9% on iOS and 82.9% on Android. In the U.S., Binance was ranked #61 on iOS and #71 on Android.

  • Crypto.com’s app was #10 on Android devices in the U.S. for the week, with 136.7% growth. In the U.K., it came in at #35 - a growth of 38.4%.

  • Dogecoin Wallet saw an increase in downloads in the U.S. of 4800% on iOS and a 7800% growth on Android.

  • Trust also saw a large increase in downloads in both the U.S. and U.K. last week. In the U.K., it was ranked #35 on iOS and #190 on Android. The number of downloads increased 475.2% on Apple and 252.8% on Android vs. the week prior. In the U.S., Trust was ranked #43 for downloads on iOS and #126 on Android. Apple downloads increased 654.2%, while Android downloads increased 193% in the U.S. last week.

  • Other apps experiencing large growth numbers as a result of the mainstream interest in cryptocurrency included eToro (239.7% growth on Android in the U.K.), Uphold (126.5% increase in iOS downloads in the U.S.), Voyager (293.6% growth on iOS in the U.S.) and Webull (more than a 200% increase in downloads on both iOS and Android.)

  • The online investment and crypto app world will continue to see new players enter the space over the coming years; be on the lookout for companies such as HeyTrade and others to make a splash in the coming months.

Tim Armes, Client Services Director at Airnow Data, adds that “Coinbase’s listing has brought a great deal of attention to cryptocurrency in general.” He continues, “the increase in downloads of their app over the past week was to be expected - but for any of those related crypto apps that benefited from the increased awareness, the ball is now in their court to find a way to retain those new users and/or use the moment to grow even further.”