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Coinbase IPO propels the app into consecutive days of record-breaking usage

Source: https://blog.apptopia.com/coinbase-ipo-benefits-its-mobile-app

Last week, Coinbase (COIN) IPO’d. This highly anticipated event exceeded expectations, as Coinbase’s valuation reached over $80 billion after its first day of public trading. It also marked a turning point for cryptocurrency, which is now well on its way to wide acceptance.

Coinbase - Buy & Sell Bitcoin app hits new record high

In its first week as a public company, Coinbase’s four main apps were downloaded about 2.7M times total, 2.3M of which were for its Coinbase - Buy & Sell Bitcoin app. All of its apps, except Coinbase Card, broke their lifetime records for single-day downloads and daily active users (DAU).

Buy & Sell Bitcoin surpassed its previous record (from December 2017) for single-day downloads on 4/17, then reached its highest point on 4/19 with 368K that day. In terms of DAU, Buy & Sell Bitcoin surpassed its previous record (from February 2021) on 4/18 and peaked yesterday, 4/21, with 5.77M DAU.

Surprisingly, the app did not break its existing app store rank record. The last time this app was #1 on the Top Overall chart of the iOS or Google Play app store was in December 2017. This past week, the app reached #2 on 4/15 (both stores), stayed there for a couple of days, then dropped to #7.

Coinbase’s smaller apps see big gains

Coinbase’s smaller apps also fared well this week. Coinbase Wallet, the companion app for the Buy & Sell Bitcoin app, broke into the top 20 of the Top Overall chart on iOS for the first time in its lifetime. Yesterday, 4/21, the app also enjoyed its highest number of single-day downloads with about 38K and its highest number of DAU with approximately 537K. These new highs represent a 1,079% YoY increase in downloads and an 856% YoY increase in DAU.

Coinbase’s other app, Coinbase Pro, is designed for advanced crypto traders. This app logged over 378K DAU yesterday (4/21), its highest ever. Two days prior, it also hit a new record high for downloads with 25K.

Competing crypto apps get a boost

We’ve had front row seats to the shift in attitude toward crypto. In the summer of 2020, we reported an uptick in crypto downloads that appeared to be more substantial than previous surges. The market continued to grow alongside the price of Bitcoin (BTC), and more mainstream fintech apps, like PayPal, got involved in the action. Then, more recently, NFTs drew excitement to the space.

Given its massive strides, crypto is here to stay, which means crypto apps are too. Coinbase, as the largest crypto-focused app, and the first to go public, has a significant lead in the market. However, Binance, eToro, Trust, and Crypto.com all saw upticks in downloads and engagement this week too. And, interestingly enough, Binance was downloaded more than Coinbase - Buy & Sell Bitcoin over the past 30 days, and logged more DAU.

In fact, Binance isn’t even far behind fintech giant PayPal in terms of new user acquisition. Over the last 30 days, Binance was downloaded 7.3M times compared to 9.2M times for PayPal. Takeaway? Don’t get too comfy, Coinbase.

Given how fast this space moves, we’ll be keeping a close eye on these apps, plus any daring new entrants. Follow along by subscribing to our weekly newsletter.

To learn more about the data behind this article and what Apptopia has to offer, please reach out to Connor Emmel at cemmel@apptopia.com.

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Consumer Edge Insight offers exclusive street-ready big-data products engineered for alpha generation by Data Science Teams & Portfolio Managers alike. CEI offers a number of alternative data products including CE Transact, our leading U.S. credit/debit card insight product (15M cards). CE Transact products provide aggregated revenue signal, deep fundamental cohort analysis and/or granular transaction-level data feeds with unparalleled metadata. Advantages: shortened latency (T+4), better panel representativeness (9M+ daily panel), and metadata integration such as demographics (at cardholder level). All data is cleaned with CEs Advanced Tagging System.