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- The United Arab Emirates is seeing massive downloads of crypto apps, proof of its adoption level.
- Market liquidity is poised to grow as the adoption potentially comes with new capital injection.
Crypto app downloads in the UAE jumped by 41% in 2024, marking a huge shift in crypto adoption. With this milestone recorded, speculation about fresh investment expectations is rising this year.
AppsFlyer on Crypto Adoption Surge in UAE
According to the cloud-based market analytics platform AppsFlyer, downloads of the top 49 crypto apps in the UAE reached 15 million in 2024. This figure represents a 41% increase from the 6.2 million recorded in 2023. Analyzing this data shows a sharp rise in crypto adoption in the United Arab Emirates in 2024.
The majority of crypto app downloads occurred in the second half of 2024. Notably, app installs exceeded 1 million per month in the year’s final quarter. According to AppsFlyer, December saw the biggest spike, with 2.8 million downloads. AppsFlyer credited the increase in adoption towards the end of the year to several key developments in the crypto space.
Firstly, the surge comes amid President Donald Trump’s victory in the US November elections. As highlighted in our previous article, many perceived Trump’s victory as a win for the crypto space due to his campaign promises. Trump had promised to end the war against crypto and make the US the “world capital of crypto” if elected.
AppsFlyer’s director of market insights, Shani Rosenfelder, commented that Trump’s pro-crypto stance contributed to adopting crypto apps.
In January, Trump stunned the crypto community by launching his memecoins. These digital assets quickly gained popularity and attracted many first-time investors to crypto. In a recent study, CNF reported that Google search interest for “crypto” reached a three-year high, fueled by Trump’s memecoins.
The memecoins rally also boosted crypto applications like Crypto.com, Moonshot, and Coinbase in the US. These apps dominated the US Apple App Store’s finance category following the launch of Trump’s memecoins.
Crypto App Installs Continue in January
As revealed by the AppsFlyer team, the spike in crypto app installs in the UAE continues into January despite a challenging retention trend. Notably, crypto app installs in the UAE reached almost 3.5 million in January.
Rosenfelder pointed out that 60% of the crypto app traffic in 2024 is attributed to aggressive marketing efforts. However, this move has made it challenging to retain users. Engagement trends on Android devices revealed that one in five apps was uninstalled within 30 days.
Still, Rosenfelder suggested that crypto app marketers have a good reason to remain committed to aggressive marketing efforts. The director highlighted that the 3.5 million crypto apps installed in January represent over half of all installs seen in the country in 2023.
The rise in crypto app installs in the UAE could signal fresh investment in the industry. The people installing these apps are likely using them for their investment needs, which could translate to more liquidity in the crypto sector with time.
