In July, 3.5 million crypto wallets were downloaded, this year 110% more active users

In July 2020, a record 3.5 million downloads of crypto wallet applications were recorded, an increase of 81% compared to the same period last year. In addition, the number of active users increased by 110% between 1 January and 19 August 2020.

According to a report by Madeline Lenahan from the Apptoppia website, an increase in the number of downloads of crypto applications is observed immediately after the countries started implementing measures due to the Covid-19 pandemic.

This year, 110% more active users of crypto

In the previous year, the number of downloads averaged less than two million, with May and June being the only time the average number of downloads was exceeded.

Commenting on the growing number of downloads, Lenahan said: “No one thought it would continue, but were surprised that this trend has been going on for several months.” At the same time, it offers a possible reason for the growth of wallet downloads:

“Cryptocurrency is becoming increasingly mainstream in emerging markets, particularly in regions of Africa. Crypto.com, for instance, has seen a 339% increase in new installations from Nigeria in the past 90 days. Coinbase has seen a 113% increase there.”

Apptoppia data shows that Coinbase and Crypto.com have the highest number of users per day – 969,000 and 576,000. Some of the top ten crypto wallets are Blockchain, Luno, BCH, BRD, Trust and Binance.

Recent data from Bitcoin.com also shows that Nigeria recorded the highest number of downloads of Bitcoin.com wallets between August 10 and 16. Of the total of 18,613 downloads, Nigeria had 3,473 wallets ahead of the United States, which recorded 2,802 downloads. The same figures rank India third with 1,420 wallets.

Both Apptoppia and Bitcoin.com show that Nigeria is consolidating its position as one of the largest cryptocurrency markets in the world.

Undoubtedly, these applications have many opportunities for further expansion and new marketing. This growth may even offer a chance for some smaller but fast-growing applications to take their place. These applications include ZenGo, TronWallet, Yellow Card, Paxful and Zebpay.

ZenGo’s growth (+ 9 249%) seems to be masking the growth of others since the app was launched more than a year ago. Nevertheless, this percentage is impressive.

Meanwhile, in his comments on the increasing download of wallets, mobile app developer Adem Bilican said:

 “Mobile is the way to go for blockchain and cryptocurrencies mass adoption, I am super happy to see these numbers.”

What do you think about this year’s increase in the number of wallets?

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