The number of crypto storage app downloads on Android and iOS devices in 2022 amounted to just over 100 million, a 42% drop from last year.
According to Finbold, users downloaded crypto wallet apps 102.06 million times between January and October 2022. Compared to last year, downloads are down by 42%. For example, users downloaded crypto storage apps on Android and iOS 177.85 million times in 2021, an all-time high in the industry’s history.
June and July recorded the least number of downloads at 7.45 million and 7.29 million, respectively. January was the most productive month, with users downloading crypto wallets 16.11 million times. On average, users downloaded such apps 10.2 million times per month between January and October 2022.
The report found that the 2022 decline was influenced by a general bearish trend in the crypto market. People most often used cryptocurrency wallets for:
- investing;
- trading on crypto exchanges;
- peer-to-peer transactions;
- remittances;
- yield farming and staking.
Notably, the hardware storage industry has shown significant growth this year, and analysts predict that by 2028, the hardware wallet market will reach $1.3 billion.
Despite declining crypto wallet downloads, this year’s figures remain quite high. So, the number of downloads this year is 210% higher compared to 2020. Users are still very interested in them.
Many representatives of the traditional financial market express interest in creating crypto storage tools. For example, JPMorgan & Chase Co., one of the world’s largest banks, recently received a patent for its own cryptocurrency wallet. Mike Kondoudis, U.S. Licensed Trademark Attorney, said that JPMorgan’s cryptocurrency wallet would allow the bank’s customers to exchange, store, and transfer digital assets in virtual checking accounts.
JPMorgan teamed up with Visa to optimize cross-border payments using private blockchain networks of financial corporations.
