Gemini App Surpasses Coinbase in App Store Rankings
The Gemini app, which provides cryptocurrency investors access to the cryptocurrency exchange, has recently outperformed one of its main competitors, Coinbase, in terms of app store rankings. This achievement came shortly after Gemini launched a credit card in partnership with Ripple Labs and Mastercard.
As of the latest data from the market intelligence platform Sensor Tower, the Gemini app has climbed to the 11th spot in the finance category in the United States. In comparison, Coinbase is currently positioned at 26. This marks a significant milestone for the Winklevoss twin-led crypto exchange, as just two weeks ago, Gemini was ranked at 158 while Coinbase was at 24.
Co-founder Tyler Winklevoss celebrated this accomplishment on Twitter, referring to it as “the flippening.” Gemini’s surge in popularity can be attributed to the launch of its XRP rewards credit card. This metal-backed 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.
While this is not Gemini’s first credit card product, the decision to introduce an XRP-branded version indicates a strategic move to attract Ripple’s dedicated user base, known as the “XRP Army.” Additionally, the card aims to promote adoption of Ripple’s stablecoin RLUSD, allowing users to seamlessly interact with the crypto economy.
Despite surpassing Coinbase in app store rankings, Gemini still trails behind in terms of trading volume. According to Coingecko data, Coinbase recorded a 24-hour trading volume of $4.54 billion, whereas Gemini’s trading volume stood at $382.49 million during the same period. However, Gemini has been expanding its global presence by obtaining the MiCA license, enabling the exchange to operate across all 27 European Union member states.
Furthermore, Gemini has filed for a public listing on the Nasdaq Global Select Market under the ticker symbol GEMI. This move signifies Gemini’s commitment to transparency and regulatory compliance as it continues to grow and innovate in the cryptocurrency space.