In the past few weeks, the crypto market has been abuzz with news of the collapse of major exchange SVB Crypto. The impact of the crash has been felt across the crypto-verse, with many exchanges like Binance and Kraken reporting increased volumes in the days that followed. But it seems like crypto app downloads have seen the biggest uptick since the crash, as numbers show a 15% rise in the number of people downloading and using crypto apps across the board.
The surge in crypto app downloads has been particularly notable among users of the popular Coinbase, Exodus and Abra wallets. Coinbase, which is currently the number one crypto app, saw an increase of more than 20% in downloads shortly after the SVB collapse. Exodus and Abra, two popular multi-coin wallets, also saw major spikes, reporting an increase in downloads of 30% and 25% respectively.
The rising numbers could be due to the fact that more people are now looking for secure, reliable ways to store their cryptocurrency. With the SVB collapse still fresh in many people’s minds, it makes sense that users would turn to the secure wallets offered by these more established exchanges. It’s also likely that users are seeking to diversify their holdings, in light of the recent market volatility and unrest.
The increase in downloads isn’t just limited to wallets. Other crypto-related apps, such as portfolio trackers and price alerts, have also seen a rise in downloads. This indicates that people are becoming increasingly interested in tracking the performance of their portfolios, and thus require more specialized tools and information to do so.
The rise in crypto app downloads highlights the growing interest in cryptocurrency and its potential as an alternative form of investment. As more people become aware of the value and potential of cryptocurrency, the demand for secure and reliable tools to manage them increases. With the SVB collapse serving as a wake-up call to many, it looks likely that the demand for these apps will only continue to grow.
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