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…