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Crypto Apps Grew 401% Annually & 902% in the October-December Quarter of 2021

Crypto apps witnessed such phenomenal growth that they outperformed stock trading apps.

The year 2021 witnessed a massive increase in the adoption of crypto. So much was the surge that El Salvador, a sovereign country, adopted Bitcoin as legal tender.

When compared to 2020, app installations increased by 401% annually and by more than 902% in the October-December quarter of 2021, according to a report titled “Fintech deep dive: digital currencies 2022 playbook” by the US-based software company Apptopia Inc. and mobile marketing analytics platform ADJust.

Crypto App Downloads

Two Indian exchanges—CoinSwitch Kuber and CoinDCX—made it to the top-10, ranking 9th and 10th respectively, for the most downloaded crypto apps.

Binance was the most downloaded app with, Coinbase, Trust, and MetaMask taking up the next 4 places.

Crypto install and sessions increased by over 567%. It correlates somewhat with cryptocurrency market performance. Most metrics peaked during Quarter 1 of 2021, rising again with prices in the fall, and slowing down at the end of the year.

Nevertheless, the year has seen steady growth for crypto applications in most metrics.

Crypto Apps vs Stock Trading Apps

Crypto apps outperformed stock trading apps on user engagement metrics such as session lengths, sessions per user per day, retention rates, and stickiness, indicating an engaged and high-retention user base for crypto apps.

Retention rates for crypto apps remained steadily higher than stock trading apps in Quarter 3 and Quarter 4 of 2021.

Further, crypto apps performed above stock trading apps in Quarter 3 and Quarter 4 2021 in terms of the number of sessions per user per day. 

In Quarter 3, the median number of crypto app users varied between 2.27 and 3.76, growing over 30 days. For a stock trading app user, sessions per day range from 1.64 to a high of 3.08.

App Marketing Strategies

The report revealed that “as competition and the battle for users increase, they (crypto apps) can also face challenges. Marketers and developers who adopt a developed User Acquisition (UA) strategy have the best chance to succeed, as this user base is proving to be exceptionally engaged, offering high LTV (Loan to Value). This means it is likely worth going after high-cost users, as the chance to prove ROI (Return on Investment) is significantly above average.”

Referral programmes were the most essential marketing tool for crypto exchange apps.

As the space is evolving new types of apps and marketing strategies are emerging. If these strategies keep delivering and the growth rate remains steady for a long period of time, crypto could become mainstream in just a couple of years.

News recommendation: Indian Crypto Tax Regime Applicable from April 1, 2022

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