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 belowCoinbase Wallet Adds Support for Short and "Human-Friendly" Cryptocurrency AddressesWALLETS | Feb 26, 2020How to Recover Your Funds If You Lose Your Bitcoin WalletWALLETS | Feb 12, 2020Tags in this storyApptoppia, BCH Wallets, Bitcoin.com Wallet, Coinbase, coronavirus lockdown, COVID-19, crypto wallet, Cryptocurrency, Luno wallet, wallet downloads

Image Credits: Shutterstock, Pixabay, Wiki Commons, Apptoppia, Wallet.Bitcoin.comSpot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments