Coinbase is a popular option for buying bitcoin and other cryptocurrencies.
Todd Haselton | CNBC
Beware of social media, financial apps are becoming a more popular form of entertainment on people’s phones.
Robinhood and Coinbase trading platforms took the top two spots in Apple’s App Store this week as Americans look to the stock and cryptocurrency markets.
Robinhood got the no. 1st place on Friday, followed by crypto trading platform Coinbase, according to data from Sensor Tower. TikTok was third. The surge in popularity comes as Coinbase debuted on the Nasdaq on Wednesday and bitcoin surpassed $ 64,000 for the first time.
The surge in popularity underscores a boom in retailing during the pandemic and the so-called “same stock” culture around names like GameStop. The video game retailer became a household name in January after a group of traders on Reddit triggered a short historic squeeze.
Typically, social media and entertainment options like TikTok, Reddit, and Instagram are the best apps. Rankings reflect the dynamics of a certain app’s downloads, not necessarily the total cumulative downloads.
This is not the first time that Robinhood has held the top spot. In January, at the height of the GameStop controversy, the brokerage firm was the most popular app in Apple and Google’s app stores. Webull, another trading app, finished second. Coinbase, Square’s Cash app and Fidelity were also in the top ten.
Robinhood, which shut down the buy side of some stocks during the height of the GameStop frenzy, experienced a flashback on social media, and its CEO then testified about the events before Congress. But Robinhood still added around 3 million clients in January alone, according to JMP Securities estimates.
Venture capitalists are monitoring engagement and uploading the numbers closely. Until recently, these metrics were primarily used to measure the success of social media applications. Robinhood investors are now using similar measures. It was able to raise $ 3 billion in capital within days in January, which investors told CNBC due to its meteoric growth as it faced a public relations and regulatory crisis.
Charles Schwab said Thursday he added a record 3.2 million new customers in the first quarter – more new accounts than in all of 2020. CEO Walt Bettinger credited “the increased market attention to some names via social media “as a factor that” has dramatically boosted the trading. activity. “
– CNBC’s Steve Kovach contributed reporting.