New research from app analytics and marketing platform App Radar has found that 2021 was a record year for crypto apps with over 82.9m Google Play Store downloads compared to 13.5m 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.
Globally, the 12 apps analysed have almost 120M 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 365m total lifetime downloads by the end of 2022.
In Europe, the market growth was led by Austrian unicorn BitPanda. It gained almost 800K (nearly 500% increase on 2020), Estonian platform Change saw almost 175K downloads (365% growth) and London-based Blockchain.com gained 570K (20% growth).
This indicates that users are downloading multiple apps, as recent estimates put cryptocurrency ownership in Europe at around 18m people. While there is still scope for growth in new users, retaining existing customers will be critical to market share.
Thomas Kriebernegg, MD and Co-Founder of App Radar, said: “We’re getting closer and closer to crunch time for crypto apps. More people are taking investing and owning cryptos and NFTs 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.
“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”