Crypto, cryptocurrencies, blockchain, distributed trading ledger technology (DLT), Web3. These terms are thrown around a lot lately, but what do they mean?
Despite all the buzzwords, financial speculation, and allurement of these terms, behind this movement is a computing revolution of backend data structures. In the broadest sense, a cryptocurrency is an exchangeable digital value. However, beyond this simple definition, cryptocurrencies can vary greatly. Some represent fully digital values created by computers, while others are based on physical resources, such as gold.
Naturally, the sheer number of options leaves some users feeling overwhelmed and app builders struggling to fill the knowledge gaps.
At Adjust, we’ve partnered with Apptopia to give you all the answers you need for success in the world of cryptocurrency apps. Download our manual In-Depth Analysis of Fintech: Digital Currency Applications in 2022.
How did cryptocurrencies get into apps? After the widespread market crash in March 2020, the cryptocurrency market started trending upwards as prices and user adoption increased noticeably. The reasons are quite complex, but broadly speaking, the fiscal and monetary authorities’ responses to the COVID-19 pandemic led to an increase in liquidity throughout the financial system. Financial supports from governments, combined with a lack of spending options during lockdowns, led to a huge increase in cryptocurrency investments. Meanwhile, the technologies designed for the creation and trading of cryptocurrencies matured and their services developed, giving easier than ever access to cryptocurrency markets around the world.
The most common cryptocurrency applications are the cryptocurrency markets, which allow the trading of these digital values. These apps can be focused exclusively on cryptocurrencies (such as Coinbase, Binance, FTX, Gemini, and crypto.com) or they can be general fintech apps that include buying or trading cryptocurrencies (such as Robinhood, Square, and PayPal). Cryptocurrency trading apps are increasing the services they offer and defining their niche markets as user adoption and competition continue to increase.
Our cryptocurrency app playbook created in partnership with Apptopia showcases the growth strategies that have fueled some of the most successful apps. Some examples are:
Stay on top of compliance requirements for advertising – find out where you can and cannot run ads, and what kind of language you must use.
Referrals and incentives are key – we all love a good deal! The initial credit in your application can be essential to drive the first deposits of users.
Consider the use of video ads and OTT/CTV ads: Cryptocurrency app downloads increased 279% during Super Bowl 2022!
The world of cryptocurrency services is growing rapidly, as evidenced by the arrival of NFTs in interactive gaming, banking and travel benefits embedded in cryptocurrencies, and new apps being created every day.
New cryptocurrency app concepts must use creative approaches to stand out from the myriad of options, while integrating marketing strategies that have been successful in the past. In addition, they must comply with the laws and regulations of different countries, such as Spain, the United Kingdom and Singapore, which have implemented stricter policies for the advertising and sale of these securities.