- KuCoin and MetaMask crypto apps are leading in installation in the first quarter of 2022.
- The immense growth is attributed to an increased user base in Russia, Turkey, and France.
There has been a lot of buzz around cryptocurrencies and how they're growing. In 2021, the Crypto business attracted mobile app clients across Europe.
Recent data from CryptoMonday.de indicates that KuCoin and MetaMask are the Fastest Growing Crypto apps in Europe. They had a combined 3M Installs in the first quarter of 2022.
CryptoMonday CEO Jonathan Merry attributes the faster growth rate of these apps to solid user growth in Russia, Turkey, and France. He said;
"KuCoin and MetaMask are now two of Europe's fastest-growing Crypto applications in Q1 2022, thanks to strong user growth in Russia, Turkey, and France. The two mobile crypto applications also charge competitive fees. Besides, they have kept solid security and trust and understand the regulations that apply to their customers."
The rise of MetaMask has been incredibly impressive. The app gained six spots since 2021 to assume the third-largest Crypto app status by adoption in Europe.
This achievement came during the first quarter of 2022. The application began life as a chrome extension in 2016 and had its formal debut as a cryptocurrency mobile app in 2020. MetaMask is in the process of developing its very own coin.
Are MetaMask and KuCoin challenging the status quo in Europe?
Binance and Crypto.com continue to lead the pack as Europe's most downloaded crypto apps. The two had an average of more than 70.000 cumulative downloads per day in the first quarter of 2022.
However, their dominance in Europe is under threat following the growth of MetaMask and KuCoin. The two applications currently dominate a third of the market or more in half of the major nations in Europe.
The most affected market is Russia. MetaMask and KuCoin mobile applications accounted for more than 35 percent of all new app installations in the first quarter of 2022.
MetaMask has had a rapid ascent drawing from the huge user base it has had since its browser extension days. The app has grown from 6% of the local mobile market in Q1 2021 to approximately 30% of the market in 2022.
MetaMask and KuCoin have also acquired a market share in France. So far, the two firms now account for 36 percent of the market as of the first quarter of 2022.
General growth in Crypto app usage
Clients satisfy their crypto requirements through the use of their mobile devices. In Europe, 2021 was a period of record growth for cryptocurrency apps. First-time installations almost hit 100 million, rising from 16 million in 2020.
Crypto applications were rare in Europe until 2020. However, they exploded in 2021 as more European crypto fans adopted them. Available data shows that in 2019 crypto enthusiasts downloaded only 7 million crypto applications. That number rose to 16 million in 2020. But 2021 was huge, recording 97 million installations representing a 500% spike in yearly downloads.
2022 might see extraordinary growth if the trend of the first quarter is anything to go by.
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