Cryptocurrency ownership rising in Saudi
The Covid-19 pandemic prompted the shift to virtual economies. Many people have turned to new technologies like blockchain as an alternative source of income during lockdowns due to a lack of job security.
According to a report published by TripleA, a research company, Saudi citizens are ranked third in the Arab world in terms of owning cryptocurrencies with a total of 453,000 Saudis who own this type of digital currency.
The findings also show that Egypt ranked first in the Arab world with about 1.8 million cryptocurrency owners whilst Morocco ranked second with 878,000 owners.
SHAREit Group, a global technology company specializing in IT and digital and financial inclusion operations, is increasing the number of people who have access to cryptocurrency wallets and exchanges in the ME.
SHAREit is a growth channel for crypto apps. It currently works with around 30 crypto apps to enhance user acquisition, driving daily around two million new users to crypto apps.
Lisa Dominguez, SHAREit Director for Global Partnerships, said that UAE, Egypt, and Saudi are among the top countries with SHAREit users that are also active users of cryptocurrency wallets and exchanges.
SHAREit cooperates with more than 700 brand partners worldwide, 30 of which are crypto platforms including Bybit, Nexo, and Crypto.com.
SHAREit seeks to drive new user acquisition through different executions made possible through the app, including recommendations & banner ad placements.