Cryptocurrency exchange Binance saw its daily active users in Singapore triple between January 2021 and February 2021. International-oriented apps like Binance and Coinbase were more popular than the domestic Coinhako, even though user figures increased for all three apps. One of the reasons why there was this marked increase in this time frame likely was the introduction of Singapore's Payment Services Act: This payment legislation came into effect on January 28, 2021, and is aimed at promoting e-payments in the Southeast Asian country. E-wallets and cryptocurrency exchanges are believed to benefit from this, as it provides a regulatory framework for these types of digital payments. When it comes to cryptocurrencies, countries Asia and the Middle East have so far been considered the most likely places where Bitcoin is mined.
Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Singapore from January 2017 to February 2021
Binance Singapore stopped its activites in February 2022, the numbers shown here pre-date that moment
Supplementary notes
The numbers provided are from a tracking website that noted the number of daily active users for individual apps from January 2017 onwards. Earlier figures are not available, as the tracker did not provide this figure before this time.
The figures provided cover DAU figures for both Android as well iOS.
The apps shown had a minimum of at least 500 DAU in early 2021. An app like Voyager had less than this amount, and was therefore excluded.
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Airnow. (March 23, 2021). Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Singapore from January 2017 to February 2021 [Graph]. In Statista. Retrieved November 13, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1223771/most-popular-cryptocurrency-wallets-singapore/
Airnow. "Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Singapore from January 2017 to February 2021." Chart. March 23, 2021. Statista. Accessed November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1223771/most-popular-cryptocurrency-wallets-singapore/
Airnow. (2021). Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Singapore from January 2017 to February 2021. Statista. Statista Inc.. Accessed: November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1223771/most-popular-cryptocurrency-wallets-singapore/
Airnow. "Average Number of Daily Active Users (Dau) of Selected Apps That Allow for Cryptocurrency Storage in Singapore from January 2017 to February 2021." Statista, Statista Inc., 23 Mar 2021, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1223771/most-popular-cryptocurrency-wallets-singapore/
Airnow, Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Singapore from January 2017 to February 2021 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1223771/most-popular-cryptocurrency-wallets-singapore/ (last visited November 13, 2024)
Average number of daily active users (DAU) of selected apps that allow for cryptocurrency storage in Singapore from January 2017 to February 2021 [Graph], Airnow, March 23, 2021. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1223771/most-popular-cryptocurrency-wallets-singapore/
