The competition between Coinbase and Crypto.com is getting intense as Coinbase won the newest race to the top of the Apple App Store charts. Both these apps are among the top downloaded apps in the Apple app store.
The charts of the Apple app store paint a rather interesting picture. At present, Coinbase stands at the top, followed by TikTok. After TikTok, the 3rd position belongs to Crypto.com. It shows how crypto has entered the mainstream, so much so that more people are interested in it than TikTok. At present, Crypto.com also has more downloads than popular apps like YouTube and Instagram. While the Robinhood app used to regularly feature in the top ten list, it now sits at the 48th position under Walmart.
While Crypto.com aggressively marketed its products with popular actor Matt Damon as its face, the success of Coinbase is largely a result of the growing demand for Shiba Inu. This dog-themed cryptocurrency is garnering more attention than Bitcoin and Ethereum in recent times. On the other hand, crypto.com is taking strides with its ‘fortune favors the brave’ ad campaign. The face of Matt Damon has definitely helped them earn trust and credibility.
Such high competition between two crypto firms is indeed a good sign for the overall growth of the industry. However, many are afraid that they will monopolize the market the way the Big 4 of tech have. It is now a matter of time to see which outcome turns out to be true.