Robinhood and Coinbase are seated 1st and 2nd respectively in the downloads table on the Apple App store in the US, surpassing more popular apps like Tik Tok, Youtube and Instagram. This further heightens the excitement surrounding crypto and stock trading in recent time as many have suggested Americans now find amusement in crypto trading.
Robinhood took top spot on Friday, followed by Coinbase while popular video making app Tik Tok had to settle for the third spot. CashApp, a crypto-friendly app narrowly missed out on a spot in the top 10 and had to settle for 11th.
This surge in Robinhood downloads comes after the financial services company had to temporarily stop its trading in cryptocurrency as there was ‘unprecedented demand’ in cryptocurrencies according to its tweets and bitcoin toppled the $64,000 mark for the first time.
Coinbase, the top crypto trading platform in the US had a landmark Nasdaq debut on 14th April which contributed massively to its increased popularity.
The increased popularity of these apps is as a result of a massive increase in crypto trading since the pandemic.
It is normal for social media apps to always top the downloads table but Robinhood and Coinbase denied them that opportunity this time. However, it is important to note that these ranking is based on the momentum in downloading an app within a period of time and not the total number of times the app has been downloaded.
Robinhood, despite a backlash on social media in January, has continued to grow in leaps and bounds. It has reportedly added an estimated 3.2 million new clients since the start of the year, which is more than all the clients it gained in the past year.