Binance, the world’s largest cryptocurrency exchange by volume, continues to hit new milestones, with regards to the platform’s active user base. For example, Binance recently hit the 275 million registered users milestone.
However, where Binance may be really knocking it out of the park, in terms of hitting userbase milestones, may be with the company’s mobile platform.
For instance, last September, Binance was not just the most widely-downloaded crypto app; it was the most widely-downloaded finance app, with 9.9 million downloads during that month.
Specifically, thanks to the continued success of Binance mobile, the company’s goal of reaching 1 billion users seems less far-fetched than before.
As Binance CEO Richard Teng noted in an X post published earlier this year, “the journey to onboarding 1 billion users isn’t a dream—it’s a mission. Every step we take today brings us closer to making crypto mainstream. Let’s build together.”
Binance Mobile App: Adapting to Changing Preferences, While Attracting the Masses
So far, over 100 million Binance members have downloaded the mobile version, with 75% of members utilizing the mobile app. This is not surprising.
Much like how stock trading has moved from desktop-based platforms to mobile brokerage apps, the same trends are playing out in the cryptocurrency space.
At same time, while Binance is catering to changing trading habits among experienced users, the launch of the mobile application has made Binance a more accessible and convenient platform for those new to the crypto game. This has been very beneficial in terms of membership growth.
As cryptocurrency goes mainstream, and an increasing share of the global population join the crypto community, Binance is one of the top beneficiaries of this expanding market.
Last year, over 68 million new users signed up for Binance. That’s an average of 187,000 new users per day. Consumer assets on the platform also increased by a staggering 92.9%, climbing to $73.1 billion.
More Than Just Trading
Although Binance users may initially join in order to buy and sell cryptocurrencies, in time they quickly realize that there’s more to Binance than just its exchange.
However, while Binance’s security, speed, and low transaction cost advantages may be what initially attracts users, something else helps to retain them as active users.
Yes, the high-quality of the Binance platform itself, including the platform’s user-friendly interface, do wonders in terms of keeping users engaged and motivated to use the platform.
However, what likely keeps users from moving to different platforms is the wide variety of Web3 products, services, and functionalities that are within the Binance ecosystem.
With the Binance platform, users are able to do more than just make crypto trades. Through Binance Earn, members can earn a yield on their cryptocurrency assets.
Binance Pay enables users to securely complete crypto-based payment transactions. Via Binance’s Web3 wallet feature, members are able to access the myriad of CeFi, DeFi, and dApps that have become a key feature of the Web3 economy.
These additional features may not be what brought new users to the platform in the first place, but they are material in keeping them actively engaged with the platform. In turn, this points to limited membership churn, and in turn, continual growth of Binance’s user base.
Next Stop 1 Billion Users
Over 100 million Binance members now utilize the mobile app, but in time this figure could grow many times over. Soon, the mobile application could hit 250 million, 500 million, even 1 billion users.
Yes, at first this may sound like a tall order. However, keep in mind that the number of crypto owners worldwide now totals over 500 million.
More importantly, keep in mind that 6 billion people, around 70% of the world’s population, use mobile devices. In short, mobile applications stand to be the most accessible way for current non-users to make the first step in their respective cryptocurrency journeys.
As crypto goes mainstream, to the point where a greater share of everyday transactions are conducted on chain rather than through the traditional banking system, access to crypto platforms will become essential.
In turn, as having a cryptocurrency account becomes as common as owning a mobile device, this ever-growing pool of crypto users will likely choose the safest, most reliable and most user-friendly platform out there. Hence, it’s not far-fetched to imagine Binance’s mobile app growing tenfold in the years to come.
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