The Gemini app that offers crypto investor access to the cryptocurrency exchange has shot past one of its key competitors, Coinbase, in terms of appstore rankings right after the former launched a credit card in partnership with Ripple Labs and Mastercard.
Summary
- Gemini app climbed to 11th in U.S. finance app rankings, overtaking Coinbase at 26.
- The crypto exchange launched an XRP branded credit card on Monday.
- Coinbase still beats Gemini in terms of trading volume.
As of the time of writing, data from the market intelligence platform Sensor Tower shows that the Gemini app was the 11th most popular app in the finance category in the United States. Coinbase, on the other hand, was sitting at 26.
This was a major milestone of the Winklevoss twin-led crypto exchange, which was ranked 158 just two weeks ago on Aug. 12, while the Coinbase app was at 24.
Co-founder Tyler Winklevoss celebrated the development on X, calling it “the flippening.” See below.
Gemini surpassed Coinbase right after the launch of its XRP rewards credit card, a metal-backed offering rolled out in collaboration 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 in the first 90 days.
Although this was not Gemini’s first credit card product, the decision to include an XRP-branded version seems like a deliberate and strategic decision to court Ripple’s vocal and loyal user base, often referred to as the “XRP Army.”
For Ripple, the card is also a means to expand adoption for its stablecoin RLUSD, which was launched late last year. With the new card, users will be able to interact with RLUSD without incurring conversion fees, making it a frictionless bridge between traditional fiat behavior and the crypto economy.
Coinbase trumps Gemini in trading volume
Gemini may have surpassed Coinbase in terms of App store rankings, but it still lags behind Coinbase in terms of trading volume.
According to data from Coingecko, Coinbase held a 24-hour trading volume of a whopping $4.54 billion, while Gemini trails far behind, coming in with just $382.49 million in trades over the same period.
Nevertheless, the Gemini has continued to expand its global footprint in recent months, having acquired the highly coveted MiCA license on Aug. 22. With it, the exchange is now a fully-regulated platform able to offer its services across all 27 European Union member states, plus several additional jurisdictions in the European Economic Area.
Gemini has also filed to go public on the Nasdaq Global Select Market under the ticker symbol GEMI.
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