Coinbase is a popular option for buying Bitcoin and other cryptocurrencies.
Todd Haselton | CNBC
Pay attention to social media, finance apps are becoming more and more popular on the phones.
Trading platforms Robinhood and Coinbase took the top two spots on Apple’s App Store this week as Americans turned their attention to stock and cryptocurrency markets.
Robinhood notched # 1 spot on Friday, followed by crypto trading platform Coinbase, according to Sensor Tower. TikTok came in third. The surge in popularity is due to the fact that Coinbase debuted on the Nasdaq on Wednesday and Bitcoin topped $ 64,000 for the first time.
The surge in popularity underscores a retail boom during the pandemic and “meme stock” culture around names like GameStop. The video game retailer became a household name in January after a group of retailers on Reddit sparked an historic short squeeze.
Typically, social media and entertainment options like TikTok, Reddit, and Instagram are the top apps. The rankings reflect the dynamics of downloads for a particular app, not necessarily the total cumulative downloads.
This isn’t the first time Robinhood has been number one. In January, at the height of the GameStop controversy, the brokerage firm was the most popular app in Apple and Google app stores. Webull, another trading app, came in second. Coinbase, Square’s Cash App and Fidelity also made the top 10.
Robinhood, which closed the buy side of certain stocks during the height of the GameStop frenzy, experienced a setback on social media, and its CEO was later referred to as a testimony before Congress. JMP Securities estimates that Robinhood added an estimated 3 million customers in January alone.
Venture capital investors watch exposure and carefully download numbers. Until recently, these metrics were mainly used to measure the success of social media apps. Robinhood investors are now using similar metrics. In January, the company raised $ 3 billion in capital in a matter of days, thanks to CNBC investors because of its noticeable growth in addressing a public relations and regulatory crisis.
Charles Schwab announced on Thursday that it had added a record 3.2 million new customers in the first quarter – more new customers than in all of 2020. CEO Walt Bettinger cited “the increased market awareness of certain names on social media” as a factor who “considerably strengthened trading activity”. “
– CNBC’s Steve Kovach contributed to the coverage.