Crypto Wallets See 102M Downloads in Ten Months, a 28% Drop Year-over-Year

In 2022, cryptocurrencies hit 257 million users worldwide, up from 239 million a year ago, despite the massive volatility seen in the crypto space throughout this year. However, while the crypto user base continues growing, crypto wallets find it hard to beat 2021 figures as a record year for downloads.

According to data presented by Crypto Presales, crypto wallets saw 102 million downloads in ten months of 2022, or 28% less than in the same period a year ago.

The Second-Highest Number of Downloads After a Record 2021

Last year set the bar high when it comes to crypto wallet downloads. The impressive growth of the crypto market and Bitcoin’s price rally throughout 2021 led to a surge in new crypto wallet users.

According to Statista and AppMagic data, crypto wallets saw 142.6 million downloads in ten months of 2021, and by the end of the year, this figure jumped to nearly 188 million worldwide. This was six times more than 32.9 million downloads recorded in 2020 and 13 times more than 13.3 million downloads seen in 2019.

Although way above 2019 and 2020, download figures for crypto wallets in 2022 were significantly lower than the all-time high reached last year.

Statistics show January was a record month in 2022, with 16.1 million downloads. By May, the monthly number of crypto wallet downloads dropped to 10.7 million. June, July, and August each saw around 7.5 million downloads.

In September, around 10.9 million crypto wallets were downloaded worldwide, 2.3 million more than last month. Although the total number of downloads dropped by 28% year-over-year, 2022 still remains the year with the second-highest number of crypto wallet downloads in the market’s history.

Coinbase and Blockchain Wallets hit a Record Number of Users

The falling number of newly installed crypto wallets hasn’t stopped some of the world’s top crypto wallet providers from reaching a record number of users this year.

Coinbase has seen its user triple between 2018 and 2021 as global interest in cryptocurrency grew. However, in the third quarter of 2022, the Delaware-based platform trading platform hit 108 million users, showing a massive 47% increase year-over-year.

The surging user figures had much to do with Coinbase’s popularity outside its native country. More than six out of 10 respondents in the United Kingdom said they preferred to use Coinbase over other exchanges, and the crypto wallet was also very popular in Germany.

Blockchain.com wallet also hit a record number of users in 2022, with over 85 million users as of November, or 8% more than in the same month a year ago.

By Jeff Reed

Jeff is a renowned cryptocurrency expert and thought leader with over a decade of experience in the field. As a pioneer in blockchain technology and digital currencies, Jeff has been instrumental in shaping the crypto landscape. His deep understanding of market dynamics, regulatory frameworks, and technological advancements positions him as a trusted authority in the crypto community. Jeff's insights are regularly featured in leading financial publications, and he is a sought-after speaker at global tech and finance conferences. His commitment to sharing knowledge and promoting innovation in the crypto space reflects his dedication to both expertise and trustworthiness.