Quick Breakdown
- App Store Milestone: Gemini’s XRP credit card boosted it above Coinbase in U.S. finance app rankings.
- Market Gap Remains: Coinbase still records trading volumes over 10 times higher than Gemini.
- IPO Ahead: Gemini is preparing to list its shares on Nasdaq under ticker GEMI.
Gemini’s XRP Card Pushes It Ahead in Rankings
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has climbed ahead of rival Coinbase in the U.S. App Store finance category following the debut of its new XRP-rewards credit card. Developed in partnership with Ripple Labs and Mastercard, the limited-edition metal card offers users up to 4% instant cashback in XRP.
“This limited edition metal card gives up to 4% back in XRP instantly. No waiting, just stacking,”
Gemini announced in a post on X on Monday.
According to app analytics firm Sensor Tower, Gemini’s mobile app ranked 16th in the finance category at the time of publication, surpassing Coinbase, which trailed at 20th.
ALT TXT: On August 6, Gemini was ranked 117 in the finance category, while Coinbase was sitting at 26.
Source: Sensor Tower
Winklevoss Hails “Accelerating Flippening”
Gemini co-founder Tyler Winklevoss called the milestone proof that “the flippening is accelerating.” His post quickly gained traction across the crypto community, with many market watchers pointing to the significance of Gemini briefly overtaking a heavyweight competitor.
App Store rankings are influenced by several factors, including downloads, keyword strength, user reviews, and app retention, according to intelligence platform App Tweak.
Ripple Labs CEO Brad Garlinghouse also praised the rollout, saying:
“An XRP rewards credit card out in the world?! What a time to be alive, XRP family.”
Coinbase Still Leads in Trading Volume
Despite the shift in app rankings, Coinbase remains far ahead in terms of trading activity. Data from CoinMarketCap shows Coinbase processed $4.54 billion in trades over the last 24 hours, ranking third globally, while Gemini handled just $382.49 million, placing it 24th among exchanges.
Gemini Prepares for Nasdaq IPO
The launch comes as Gemini advances toward its public listing. Earlier this month, the exchange filed with the U.S. Securities and Exchange Commission (SEC) to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.
Ripple also stepped in as a crucial backer of Gemini’s upcoming Nasdaq listing, providing the crypto exchange with a $75 million credit line that could scale up to $150 million.
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