Globally, demand for crypto apps has exploded, with new installs of the top 20 apps (wallets & exchanges) growing 902% YoY in the fourth quarter of 2021. In our most recent report, Fintech deep dive: digital currencies 2022 playbook, we collaborated with marketing analytics platform, Adjust to dive into the key drivers of cryptocurrency app adoption in 2021.
For this same grouping of apps, the U.S. had a rate of 645%, while APAC registered at 475%. This is followed by EMEA at 284% and then LATAM with 182%. Expanding to the top 50 apps, the growth rate sits at about 400%, which you can see play out in the chart below.
The number of crypto apps (see chart below) rises dramatically in 2017 and 2018 (coinciding with the crypto bull run at that time), drops in 2019 and early 2020, and then begins rising again and is currently close to its previous high.
The previous high points in mid-2018 coincide with Apple revising its guidelines for cryptocurrency apps in the App Store in June 2018, banning cryptocurrency mining on iOS devices, requiring crypto securities to be offered by registered financial institutions, and banning apps which reward user completed tasks with cryptocurrencies.
This also follows price trends, as January 2018 saw the high water of Bitcoin price and market capitalization until November 2020, with a steady decline in price throughout 2018 and 2019.
According to Apptopia estimates, the most downloaded crypto app in 2021 was Binance, increasing its ranking from the third most downloaded app in 2020. Approximately 20% of Binance's downloads in 2021 came from Turkey and about 9% came from the U.S. Following closely behind as the second most downloaded app was Crypto.com. Coinbase, which was formerly the most downloaded crypto app of 2020, came in third for 2021. The fourth and fifth most downloaded were Trust and MetaMask, respectively.