The Gemini app, which provides crypto investors access to a cryptocurrency exchange, has surpassed Coinbase in app store rankings following the launch of its credit card in collaboration with Ripple Labs and Mastercard.
Summary
- Gemini app reached 11th place in U.S. finance app rankings, overtaking Coinbase, which is at 26.
- The crypto exchange introduced an XRP-branded credit card on Monday.
- Coinbase still leads Gemini in trading volume.
As of this writing, data from Sensor Tower indicates that the Gemini app is the 11th most popular app in the finance category in the United States, while Coinbase is in the 26th position.
This marks a significant achievement for the Winklevoss twin-led crypto exchange, which was ranked 158 just two weeks ago on August 12, while Coinbase was at 24.
Co-founder Tyler Winklevoss celebrated this development on X, referring to it as “the flippening.” See below.
Gemini surpassed Coinbase immediately after launching its XRP rewards credit card, a metal-backed product developed in partnership with Ripple Labs and Mastercard.
The credit card offers cardholders up to 4% back in XRP on gas purchases and a $200 XRP bonus for spending $3,000 within the first 90 days.
Although this is not Gemini’s first credit card offering, launching an XRP-branded version appears to be a strategic move to attract Ripple’s dedicated user base, often called the “XRP Army.”
For Ripple, the card also serves to promote the adoption of its stablecoin RLUSD, which was introduced late last year. With this new card, users can engage with RLUSD without facing conversion fees, providing a seamless transition between traditional fiat practices and the crypto economy.
Coinbase outperforms Gemini in trading volume
While Gemini may have surpassed Coinbase in app store rankings, it still falls short in trading volume.
Data from Coingecko reveals that Coinbase had a 24-hour trading volume of $4.54 billion, significantly overshadowing Gemini’s $382.49 million in trades during the same timeframe.
Nonetheless, Gemini has been expanding its global presence in recent months, acquiring the highly sought-after MiCA license on August 22. This allows the exchange to operate as a fully-regulated platform across all 27 EU member states, in addition to several other jurisdictions within the European Economic Area.
Gemini has also filed to go public on the Nasdaq Global Select Market under the ticker symbol GEMI.
