An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
The surge in downloads followed the exchange’s launch of an ad campaign featuring Matt Damon.
Cryptocurrency exchange Crypto.com app became the most downloaded app in the US Google Play Store across all categories on Monday.
The Crypto.com app sits atop the chart for top free apps in Google Play Store’s most recent app listing. The surge in downloads followed the exchange’s launch of an ad campaign featuring veteran actor Matt Damon.
A study by Crypto.com found that the number of crypto users worldwide have doubled from 106 million to 221 million. Relative to the total accessible market, the fraction owned by the company is minimal. Thus, the ad campaign was launched to reach a larger group.
The ad titled “Fortune Favors the Brave”, is directed by Oscar-winner Wally Pfister and produced by David Fincher. Its singular aim is to introduce Bitcoin and other cryptocurrencies to a potentially wider audience base. According to Crypto.com Co-Founder and CEO, Kris Marszaleko, “the timing of the campaign coincides with the early stages of mainstream adoption of cryptocurrency.” The $100 million ad campaign will be aired in over 20 countries for several months.
Striking Hot: How the Ad Campaign Affected the Market
After the ad went live, the app downloads on Google Play Store surged jumping above TikTok. The app also rose to 3rd on the Apple Store last week. Many believe that the surge in downloads is an indicator of investor interest and acceptance.
It wasn’t just the number of downloads the ad campaign affected. Likewise, the price of the exchange’s native token (CRO) rose to its highest in six months on Oct. 29 with $0.2294. At the time of writing, the coin was trading at $0.2255 according to CoinMarketCap.com.
Interestingly, FTX also launched a $20million ad campaign in September with veteran sportsman Tom Brady. The company’s app currently sits at 285. Perhaps, the difference in impact is related to the timing of the ads.
The Coinbase app is third on the list ahead of Cash App, while Voyager Digital is tenth.