Crypto Apps Show Strength in 1H24

Key Takeaways:

• Per ST data, 1H24 was the first time that the crypto cohort exhibited positive MAU growth in over a year, as global MAUs have increased an average of 24% and 35% YoY in 1Q24 and 2Q24, respectively

  • The cohort’s MAU growth has been driven primarily by ByBit’s success, as the app has seen MAUs surge an average of 106% YoY in 1H24, becoming the second-largest crypto exchange by trading volume as the platform has benefitted from the void left by FTX

• The crypto cohort has a strong base of organic downloads, at 79% on average. Only Crypto.com and Kraken saw less than 70% of downloads come from organic sources in 1H24. Crypto.com saw the largest increase in its percentage of downloads coming from paid sources across the cohort, up 8ppts vs 1H23, as a whopping 18% of downloads were considered paid downloads

• As of 1H24, 99% of US spend across the crypto cohort stems from three different companies; Crypto.com, Kraken and Coinbase. While these exchanges are relatively small in regards to total trading volume, all three companies have their largest percentage of DAUs located in the US at 55%, 34%, 18% of DAUs for Coinbase, Crypto.com, and Kraken, respectively

  • Crypto.com has the most varied channel advertising strategy, and is the only one of the three advertisers to include Facebook in its marketing mix, as well as Apple Search Ads and a presence amongst multiple mobile networks. Crypto.com is outperforming competitors in its growth of US MAUs, up 11% YoY compared to Kraken (1%) and Coinbase (-4%)

• As of 1H24, Binance and ByBit were the only apps where users spent more than 10 min/day, compared to less than 4 mins/day each for Coinbase, Kraken and Crypto.com

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