UAE Embraces Crypto at Record Pace

Crypto adoption in the UAE surged in 2024, with app downloads seeing a dramatic rise, according to data from AppsFlyer.

The analytics firm reported that installations of the top 49 cryptocurrency apps jumped from 6.2 million in 2023 to 15 million in 2024, marking a 41% increase. The final quarter of the year saw the most activity, with December alone accounting for 2.8 million downloads.

Several factors contributed to this spike. The biggest catalyst was Donald Trump’s U.S. presidential election victory in November, which reinforced optimism in the crypto sector. Trump’s campaign had promised to end regulatory crackdowns and position the U.S. as a leader in digital assets.

His influence continued into 2024 when he launched his own memecoin in January, drawing new investors into the market. A survey by NFT Evening indicated that this move played a significant role in attracting first-time crypto users.

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Following the memecoin launch, major crypto apps such as Crypto.com, Moonshot, and Coinbase dominated the U.S. Apple App Store’s finance category. However, not all investors benefited—Chainalysis revealed that over 800,000 wallets suffered collective losses of nearly $2 billion after purchasing the token.

AppsFlyer’s market insights director, Shani Rosenfelder, noted that aggressive marketing was responsible for 60% of the crypto app traffic in 2024. Despite the rapid growth, user retention remained an issue, with one in five crypto apps being uninstalled within a month on Android devices.

Despite these challenges, the momentum has continued into 2025. In January alone, crypto app downloads in the UAE reached 3.5 million—more than half of the total for all of 2023. With adoption still accelerating, analysts predict that the coming year could set new records for user engagement in the region.

Source

Alexander Stefanov