More People Are Downloading Crypto Apps Like Coinbase, Binance, Here’s Why

Dalmas Ngetich

2 years ago

3 mins read

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According to real-time app data provider Apptopia, the top 10 crypto applications for exchanges and self-custody wallets have risen by about 15% since Silicon Valley Bank (SVB) and two other lenders fell last week.

Bank App Demand Drops

The recent shake-up in the United States banking system appears to shift interest and demand toward crypto solutions. Trackers note that since last week’s crisis, there has been a remarkable increase in downloads of crypto dapps offering exchanging and asset storage services.

According to Apptopia, the top 10 crypto apps, defined as Coinbase, Crypto.com, Trust, Binance, Bitcoin and Crypto DeFi Wallet, Blockchain.com, KuKoin, Kraken, eToro and BitPay, comprising both exchanges and self-custody wallets, have risen by around 15% since Silicon Valley Bank’s stock fell 60% last week.

crypto app downloads and the price of bitcoin go up 15% in the week after SVB collapse.@TechCrunch with the story behind the numbers: https://t.co/rvJX09ULph

— Apptopia (@Apptopia) March 16, 2023

This starkly contrasts the top 10 traditional banks and top 10 “digital-first” bank app downloads, which have fallen by around 5% and 3%, respectively, over the same period.

Last week, Silvergate Capital, Silicon Valley Bank, and Signature Bank shut down or halted operations, leading to crypto companies, investors, and traditional users scrambling to move their assets. Last week’s events significantly impacted Circle, the issuer of USDC, a stablecoin.

The circumstances surrounding the collapse of these banks raised questions about where people and companies should park assets and which entities are trustworthy. Amid this development, crypto assets rose as the United States government and the Federal Reserve (Fed) intervened to prevent an extension of the crisis.

Bitcoin and Ethereum, two of the largest cryptocurrencies by market capitalization, have posted impressive gains this week. BTC is trading above $26,000 and remains the most dominant crypto asset.

Bitcoin Price For March 17| Source: BTCUSDT On Binance, TradingView

The expansion in asset prices has seen the global crypto market cap rise by 8.3% to about $1.1 trillion when writing on March 17, according to CoinMarketCap data.

Fear Driving Crypto Prices

The banking crisis in the United States puts midsize and regional banks, like First Republic, under pressure. According to Reuters, First Republic had the third-highest rate of uninsured U.S. deposits behind SVB and Signature Bank, at about $119.5 billion.

The top 10 traditional banking apps saw a 5% download decline. Interest fell in banking apps like Capital One, Chase, Bank of America, Wells Fargo, Discover, Citi, and U.S. Bank.

Meanwhile, the top 10 “digital-first” apps posted a 3% decline as app users lost interest in, among other apps, Chime, Dave, Albert, Empower, Varo, MoneyLion, Current, Aspiration, Sable, and Oxygen.

According to Stefan Rust, CEO of Truflation, the current shift in investor sentiment towards cryptocurrencies is positive and unexpectedly supported asset prices. He believes the situation is similar to what happened in 2020 when investors fled traditional markets during the COVID-19 pandemic in favor of alternative assets.

Feature Image From Canva, Chart From TradingView.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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