Fallout from the collapse of FTX, the cryptocurrency exchange headed up by Sam Bankman-Fried, is continuing to rock the crypto world. The latest victim is BlockFi, which listed an outstanding $275 million loan to FTX in a November 28th Chapter 11 bankruptcy filing.
In light of this, we wanted to take the industry’s temperature. We used our app intelligence solutions to gauge the current demand for crypto apps, including those operated by FTX, BlockFi, Binance, Coinbase, and Crypto.com.
Here’s what we found (click the links to jump to the relevant sections):
- Three FTX Apps Have Been Removed from App Stores
- FTX App Downloads Have Ground to a Halt
- BlockFi Isn’t Looking Too Hot Either
- The Rest of the Crypto World (Binance, Coinbase, Crypto.com)
Three FTX Apps Have Been Removed from App Stores
FTX has published eight apps to Google Play and the Apple App Store:
- FTX - Buy Crypto, Stocks, ETFs (iOS and Android)
- FTX Pro: Trade Crypto (iOS and Android)
- FTX.US Pro: Trade Crypto (iOS and Android)
- FTX TR (iOS and Android)
However, to date, three of these apps have been removed from either store. Indeed, Apple has removed FTX - Buy Crypto, Stocks, ETFs and FTX Pro: Trade Crypto, while Google has removed FTX - Buy Crypto, Stocks, ETFs.
Nevertheless, FTX App Downloads Have Ground to a Halt
Check it out, here are daily downloads for FTX’s app portfolio. More specifically, these are downloads in 2022, year to date.
In total, FTX’s apps have combined for 2,178,039 downloads this year. However, the vast majority of these downloads came prior to September, with major spikes occurring in January and April.
Indeed, FTX’s apps have been downloaded just 301,117 times since September. By November, just three of these apps (the iOS and Android versions of FTX - Buy Crypto, Stocks, ETFs and the Android version of FTX Pro: Trade Crypto) were still registering more than 1,000 daily downloads.
That said, as noted above, both versions of FTX - Buy Crypto, Stocks, ETFs and the iOS version of FTX Pro: Trade Crypto were removed from app stores following the company’s collapse. Moreover, aside from the Android version of FTX Pro: Trade Crypto, none of FTX’s other apps have registered a download since November 23rd (as of November 30th).
BlockFi Isn’t Looking Too Hot Either
Like the chart above, this one depicts daily global downloads for the iOS (gray) and Android (light blue) versions of BlockFi: Buy and Trade Crypto in 2022, year to date.
The first thing to note is the remarkable similarity between the download trends for BlockFi and FTX. Both crypto companies started the year strong before ultimately fizzling out. That said, BlockFi never had the traction FTX did, pulling in just 167,446 downloads thus far in 2022.
Finally, while neither of BlockFi’s apps have been removed from app stores, they’re currently combining for just over 100 daily downloads. Not great.
How About the Rest of the Crypto World?
Well, frankly, it’s more of the same. Here are 2022 download trends for…
Binance
Coinbase
Crypto.com
Final Thoughts
While the collapse of FTX was a huge blow to the crypto industry’s credibility, our app intelligence indicates that interest in crypto-related offerings was beginning to peter out well before the FTX scandal put investors on alert. While it’s probably far too early to declare the end of the industry, it may nevertheless be time for crypto entrepreneurs to head back to the drawing board.
