Skip to main content

3.5 Million Crypto Wallets Downloaded in July, Active Users up 110% in the Year

3.5 Million Crypto Wallets Downloaded in July, Active Users up 110% in the Year

A record 3.5 million crypto wallet app downloads were recorded in July 2020, representing an increase of 81% when compared to the same period last year. In addition, the number of active users went up by 110% between January 1 and August 19, 2020.

According to a report authored by Madeline Lenahan of Apptoppia, the increase in the number of crypto apps downloads is observed right after countries began imposing lockdown measures in the wake of Covid-19.

In the previous year, the number of downloads averaged just under two million, with the month of May and June being the only time when this mark is passed.

Explaining this year’s increasing downloads, Lenahan, says “they didn’t think it would last but were surprised to see that the trend has persisted for a few months.”

Lenahan offers another possible reason for the growth in 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’s data shows that Coinbase and Crypto.com have the highest number of users per day with 969,000 and 576,000, respectively. Some of the wallet applications making it into the top ten include Blockchain, Luno, BCH, BRD, Trust and Binance.

Also, recent data from Bitcoin.com shows Nigeria accounting for a greater number of Bitcoin.com Wallet downloads between August 10 and 16. From the total number of downloads of 18,613, Nigeria had 3,473 wallets ahead of the United States, which had 2,802 downloads. The same data shows India in the third position with 1,420.

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

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.”

Lenahan believes August is likely to set another record as the rate growth appears “real and is lasting.”

What do you of the increased wallet downloads so far this year? Share your thoughts in the comments section below

The post 3.5 Million Crypto Wallets Downloaded in July, Active Users up 110% in the Year appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/3jmNWWL
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more