Coinbase Sees Record Downloads Following its Direct Public Listing on Nasdaq
Crypto apps are competing with fintech companies like PayPal, with Binance right behind it, followed by Coinbase, whose main app had 2.3 million downloads.
The four main apps of the largest US cryptocurrency exchange Coinbase were downloaded about 2.7 million times in its first week as a public company.
Launched in June 2014, the main Coinbase, Buy & Sell Bitcoin app recorded 2.3 million downloads. All of Coinbase’s apps, except for Coinbase Card, had broken their single-day downloads and daily active users (DAU) record, as per Apptopia.
Making its trading debut on Nasdaq on April 14 with a valuation that briefly surpassed $100 billion, the COIN share price is currently down at $291.60.
The same week as its IPO, Coinbase ran a marketing campaign of a $1.5 million giveaway in BTC to onboard more users.
In February 2021, Coinbase.com had web traffic of 95.23 million, as per SimilarWeb, with more than half of its belonging to the US, followed by over 8% from the UK and less than 5% from Spain, Germany, and France.
The main Coinbase app exceeded its previous record from Dec. 2017 for single-day downloads on April 17 to hit its highest a few days later at 368k downloads on April 19.
When it comes to DAU, the app hit about 6 million last week on April 22nd, after surpassing the Feb. 22nd record in mid-April.
However, the app has yet to climb the top spot on the Overall chart of the iOS or Google Play app store, as it did in Dec. 2017. During the direct listing week, it gained the 2nd position and managed to stay there for a couple of days before its ranking fell to 7th. Michael Saylor, CEO of MicroStrategy, on this growth, commented,
“The final chapter of the mobile wave is global economic empowerment via mobile assets. These stats imply 10 million new bitcoin holders per month and more than 250 million by year-end. Within five years, bitcoin should reach a billion people.”
Coinbase’s other app, Coinbase Wallet, also logged its highest number of single-day downloads and DAU, representing over a 1,000% and 800% year-over-year increase, respectively.
For the first time, Coinbase Wallet also broke into the top 20 of the Top Overall list on iOS.
Its other app, Coinbase Pro, enjoyed its highest ever, 378k DAU, on April 21st and has been growing since then. Around the same time, it hit a new record high for downloads with 25K.
Crypto apps are actually competing with fintech companies like PayPal, which also allows its users to buy, sell, and hold crypto. Compared to PayPal’s just 9.2 million downloads in the past 30 days, Binance had 7.3 million with Coinbase, Robinhood, Crypto.com, Trust Wallet, and eToro also in the race having more than a million downloads.