Gemini Rises in App Store Rankings Following XRP Card Launch, Surpassing Coinbase

Summary:
The Gemini app has recently outperformed Coinbase in app store rankings thanks to the launch of its XRP rewards credit card, developed in partnership with Ripple Labs and Mastercard. Despite its rising popularity, Gemini still trails behind Coinbase in trading volume while expanding its global operations.

Key Takeaways

Gemini's app has moved ahead of Coinbase in finance app rankings after releasing an XRP credit card.
The XRP credit card offers users rewards in XRP and aims to appeal to Ripple's user base.
While Gemini excels in app rankings, it lags in trading volume compared to Coinbase.
The exchange continues to expand globally with new licenses and plans for a public listing.

Gemini climbs app store rankings after XRP card launch, beating Coinbase

Main Content

The Gemini app, which provides cryptocurrency investors with access to the trading platform, has surged above Coinbase in app store rankings following the launch of its new credit card in partnership with Ripple Labs and Mastercard.

Currently, the Gemini app ranks as the 11th most popular finance app in the United States, as reported by the market intelligence platform Sensor Tower. In contrast, Coinbase is now ranked 26th. This marks a significant achievement for the Winklevoss twin-led exchange, which was ranked 158th just two weeks prior on August 12, while Coinbase held the 24th position.

Tyler Winklevoss, co-founder of Gemini, celebrated this achievement on social media, referring to it as “the flippening.”

— Tyler Winklevoss (@tyler)

Gemini's ascent in app rankings coincided with the introduction of its XRP rewards credit card, a premium offering designed in collaboration with Ripple Labs and Mastercard. This credit card allows cardholders to earn up to 4% back in XRP rewards on gas purchases, along with a $200 XRP bonus for spending $3,000 within the first 90 days.

Although this isn't Gemini’s first foray into credit card products, the introduction of an XRP-branded variant appears to be a strategic move aimed at appealing to Ripple’s enthusiastic and loyal community, often referred to as the “XRP Army.”

For Ripple, this card also serves as a vehicle for increasing the adoption of its stablecoin RLUSD, introduced late last year. With the new credit card, users can engage with RLUSD seamlessly, without incurring conversion fees, thus creating a smoother transition from traditional fiat currency to the world of cryptocurrency.

Despite its success in app rankings, Gemini still faces challenges when it comes to trading volume. Data from Coingecko indicates that Coinbase had a 24-hour trading volume of approximately $4.54 billion, while Gemini managed a mere $382.49 million during the same timeframe.

Nonetheless, Gemini has been expanding its presence worldwide in recent months, having received the prestigious MiCA license on August 22. This regulatory approval allows the exchange to operate across all 27 member states of the European Union, as well as other jurisdictions within the European Economic Area.

Moreover, Gemini has submitted plans to go public on the Nasdaq Global Select Market, aiming to trade under the ticker symbol GEMI.