The cryptocurrency landscape in Russia continues to evolve, with growing adoption reflected in mobile app engagement. In the first quarter of 2024, several major crypto platforms saw notable shifts in user acquisition and retention. Based on performance data from Sensor Tower, this analysis explores the weekly download trends and active user growth of the top five cryptocurrency apps in Russia—Bybit, Binance, Trust Wallet, Tonkeeper, and OKX.
Understanding these trends offers valuable insights into consumer behavior, market competitiveness, and potential opportunities within Russia’s expanding digital asset ecosystem.
Bybit: Strong Momentum in User Growth
Bybit emerged as a standout performer in Q1 2024, demonstrating consistent growth across both downloads and active users. The app started the year with approximately 34,800 weekly downloads in early January and ended March with a peak of 88,800 downloads per week—a surge of over 150% in just three months.
This upward trajectory was mirrored in user engagement. Weekly active users began the quarter at around 182,000 and climbed steadily to nearly 297,000 by the final week of March. This sustained growth suggests effective marketing strategies, increased brand visibility, or enhanced platform features that resonated with Russian users.
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Binance: Stability Amid Slight Decline
Binance maintained its position as one of the most widely used cryptocurrency apps in Russia, though its performance showed signs of stabilization after an initial rise.
Weekly downloads increased from about 17,200 in early January to a high of 28,300 in mid-March before dipping slightly to 26,800 by quarter-end. Similarly, active users grew from 577,000 at the start of Q1 to a peak of 698,000 in early March but settled back to 588,000 by late March.
This pattern indicates strong market presence but also hints at potential saturation or seasonal fluctuations in user interest. Despite the minor pullback, Binance remains a dominant player due to its comprehensive trading options, security reputation, and long-standing user base.
Trust Wallet: Steady Growth Through Reliability
Trust Wallet delivered one of the most consistent performances among the top five apps. Its weekly downloads rose steadily from 11,200 in early January to 23,600 by the end of March—an impressive doubling of download volume.
Active users followed a parallel trend, increasing from approximately 382,000 to 447,000 over the same period. As a non-custodial wallet known for security and ease of use, Trust Wallet’s appeal likely lies in its decentralized approach and integration with Web3 applications.
This steady growth reflects growing awareness among Russian users about self-custody solutions and long-term digital asset management.
Tonkeeper: Volatility Followed by a Strong Recovery
Tonkeeper—the dedicated wallet for The Open Network (TON)—experienced the most volatile performance of the five apps but ended Q1 on a high note.
Downloads began at 13,300 in early January but dropped sharply to around 5,000 in mid-February. However, a significant rebound occurred in March, with weekly downloads surging to 31,100 by quarter-end—a more than sixfold increase from the low point.
Active users also grew substantially, rising from 63,400 to 108,000, indicating renewed interest in the TON ecosystem. This resurgence may be linked to increased ecosystem development, promotional campaigns, or broader adoption of Telegram-integrated blockchain services popular in the region.
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OKX: Moderate Fluctuations with Positive Outlook
OKX showed moderate volatility in download numbers but achieved solid overall growth in active users.
Weekly downloads started at 11,100, spiked to 27,400 in mid-January, then gradually declined to stabilize at 16,900 by the end of March. Despite the fluctuation, the app managed to grow its weekly active user base from 37,000 to 55,100—a nearly 50% increase.
This disconnect between downloads and active users suggests improved user retention or re-engagement of existing customers. Features such as advanced trading tools, staking options, and NFT marketplace access may have contributed to deeper user involvement.
Key Trends and Market Insights
Several overarching trends emerge from Q1 2024 data:
- User growth outpaced download growth for most platforms, signaling stronger retention and engagement.
- Volatility in downloads did not necessarily correlate with poor performance—apps like Tonkeeper proved that strategic recovery can drive momentum.
- Established platforms (Binance, Trust) maintained dominance through reliability and trust.
- Emerging ecosystems (like TON) showed potential for rapid scaling when supported by network effects.
These patterns reflect a maturing market where users are becoming more selective, favoring platforms that offer security, functionality, and seamless user experiences.
Core Keywords
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Frequently Asked Questions
Q: Which cryptocurrency app had the highest download growth in Russia during Q1 2024?
A: Bybit recorded the highest download growth, increasing from 34.8K to 88.8K weekly downloads—a rise of over 150%.
Q: Did Binance lose active users by the end of Q1 2024?
A: While Binance saw a slight decline from its peak of 698K active users in early March to 588K by quarter-end, it still maintained a larger user base than all other apps except Trust Wallet.
Q: What factors contributed to Tonkeeper’s recovery in March?
A: Although exact drivers aren't public, Tonkeeper’s rebound likely stemmed from increased activity within the TON ecosystem, including integrations with Telegram and new DeFi offerings popular in Russian-speaking markets.
Q: Is Trust Wallet centralized or decentralized?
A: Trust Wallet is a non-custodial (decentralized) wallet, meaning users retain full control over their private keys and assets.
Q: How does OKX compare to Binance in terms of active users in Russia?
A: Binance had significantly more active users (588K) compared to OKX (55.1K) by the end of Q1 2024. However, OKX showed stronger percentage growth in user engagement relative to its starting point.
Q: Are cryptocurrency apps legal in Russia?
A: As of 2025, cryptocurrency ownership is legal in Russia for investment purposes, though regulations restrict their use as official payment methods. Most international crypto apps operate under compliance frameworks tailored to local laws.
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Conclusion
The first quarter of 2024 revealed dynamic shifts in Russia’s cryptocurrency app landscape. While Binance and Trust Wallet held strong positions through stability and trust, platforms like Bybit and Tonkeeper demonstrated that aggressive growth is still possible through innovation and ecosystem development. Meanwhile, OKX showed promising signs of improved user retention despite fluctuating downloads.
For investors, developers, and users alike, these trends underscore the importance of platform reliability, user experience, and alignment with evolving digital asset behaviors. As adoption deepens across Russia and neighboring regions, the competition among crypto apps will likely intensify—driving further innovation and accessibility.