Crypto.com News: After more than a decade of unstoppable growth, fintech still shows no signs of slowing down. Marketing firm Singular recently conducted a study examining consumer behavior towards fintek mobile apps. The results have interesting findings regarding user preferences.
Perhaps one of the most surprising findings is that crypto trading apps now outperform those of leading banks including Bank of America, Wells Fargo, and Chase. Crypto.com is at the top of the trading category and ranks 5th overall in Android fintech apps and 7th in iOS. The ranking is determined by the number of user downloads and is based on the figures for the last three months until mid-June.
Even in the crypto space specifically, Crypto.com stands out for its mobile-first strategy. The mobile apps of many crypto exchanges are optimized for desktop trading, while offering a simple trading experience often described as “lite” for traders. In contrast, Crypto.com has always been an app-first platform, offering the full suite of services including cryptocurrency-integrated Visa cards, token swaps and staking through its mobile platform.
The fact that the company surpassed its competitors in mobile downloads is the biggest indicator that this move works. According to Apptopia’s data covering the most downloaded cryptocurrency apps in 2020, Crypto.com came in second, while Coinbase took the first place. However, Singular’s more recent analysis shows that Crypto.com is now taking the lead.
Humorous shares, mobile trading and interpersonal payments
Even if some projects outperform others, it’s fair to say that in 2021 there have been no losers in the crypto industry so far. Cryptocurrencies played a central role in trading activities that started at the beginning of the year with humorous cryptoassets and continued to rise in the first quarter of 2021. In January, Robinhood took the drastic step to halt trading after Reddit traders pumped the price of GameStop shares in a social media-fueled buying frenzy. Unable to trade stocks, the masses turned to crypto and started pumping Bitcoin and Dogecoin.
Given the social structure involved, it’s no surprise to see mobile commerce apps become so popular. The humorous stock trading frenzy was led by Reddit traders who quickly shared tips among themselves. This is because this community consists of a young crowd who is strong in mobile communication and can use the digital environment extremely efficiently.
Also, cryptocurrency markets operate 24/7 and are known for their volatile movements that can quickly turn a winning trade into a brutal loss. Those who use a mobile application can quickly get out of a risky position until they intervene on the bulkier desktop machine.
In addition, the demand for mobile financial services does not end with commerce. The Singular report reveals that the top-downloaded apps are increasing for peer-to-peer payments and digital wallet use cases. This shows that they are applications that adopt a mobile-centric approach according to user experience.
PayPal and Venmo are in the top five. Apple’s Apple Pay is also worth mentioning. Despite not being an app, because it’s embedded in iOS, Apple Pay had over 500 million users at the end of last year.
Fintech eclipses finance
This shift highlights how well fintech is now and how it has truly improved traditional finance, so much so that in recent years we have seen banks struggle a lot to keep up with the technological order. Apple, PayPal, Crypto.com – none of these firms are banks and yet they are proving that they can interact with users better than a traditional bank.
After all, mobile is now entering almost every aspect of our daily lives. While most of us still trust more or less traditional banks, it’s unclear how long that will last. As Fintek continues to grow, mobile-first companies offer greater accessibility and connectivity.
The cryptocurrency and blockchain segment has exciting potential for consumers who want better, faster, cheaper and always open access to financial services. Apptopia reported that crypto money applications, which increased by 12 percent last year, increased by 81 percent this year.
Given the measurement dates and the state of the markets, the growth may indicate that people are increasingly turning to cryptocurrencies as an alternative to traditional finance. However, it is also worth noting that major players in the cryptocurrency space are in aggressive expansion and marketing programs. Crypto.com, for example, recently played with Formula 1 for the remainder of this season.
signed a global sponsorship agreement that will make the company’s brand visible in every F1 race.
To give another example; In an attempt to establish a new headquarters in India, Coinbase will offer incentives of up to $1,000 to newly hired engineers in the country.
A positive growth cycle
In general, forward-thinking crypto and fintech firms are engaging to meet consumer demand for mobile financial services. However, the segment is also subject to a significant flow of investments, providing firms with the financial means to take risks on new products and features. If the current trend continues like this, it seems that the boundaries between finance and fintech will gradually disappear from a consumer perspective.