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Exclusive: Binance app downloads hit 6.3 million in Q1

Published 04/11/2024, 08:30 AM
© Reuters

It seems that Binance has managed to sail smoothly through the storm of legal actions taken by the United States Department of Justice against the exchange and its co-founder Changpeng Zhao.

Binance's mobile application was downloaded more than 6.3 million times in the first quarter of 2024, placing it at the top of the crypto app scene by a considerable margin. The solid performance outstrips that of other major cryptocurrency and fintech platforms, according to the latest data seen by Investing.com.

The lead in app downloads reflects the global consumer confidence in Binance, which serves over 183 million users worldwide. It also highlights the app's quality and range of Web3 functionalities it offers. With deep liquidity, it lets users swap between about 1,800 trading pairs and more than 400 digital assets.

This surge in downloads also comes amid an overall positive momentum in the cryptocurrency market. Binance is riding it with a flood of funds bumping the value of user assets on the platform past the $100 billion mark. 

Binance users' assets under custody have more than doubled, jumping from $40 billion at the start of the year. Moreover, the gap between Binance and its closest competitor expanded to more than 21%, with the download figures for platforms ranking third and below trailing significantly behind.

Sensor Tower's data argue that the increase in Binance app downloads can be attributed to the app's user-friendly design and the trust associated with the Binance brand. The app serves as an all-encompassing gateway for users to engage with various Web3 functionalities, including spot and peer-to-peer (P2P) trading, marketplace, and Earn products, contributing to Binance's leadership in Web3 adoption.

This spike in downloads is also happening at a time when the crypto markets are buoyed by the approval of spot bitcoin exchange-traded funds (ETFs) in the United States and the anticipation of the upcoming Bitcoin halving.

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