Gemini, the cryptocurrency platform founded by the Winklevoss twins, has overtaken Coinbase in the U.S. App Store rankings after launching an XRP-rewards credit card in collaboration with Ripple Labs and Mastercard.
The new card offers up to 4% back in XRP instantly. “This limited edition metal card gives up to 4% back in XRP instantly. No waiting, just stacking,” Gemini said in a social media post on Monday.
Data from Sensor Tower shows Gemini jumped to 16th place in the finance category, surpassing Coinbase, which ranked 20th at the time. The shift is notable as Coinbase still reports over three times the daily trading volume of Gemini, according to recent Messari data.
Tyler Winklevoss, Gemini co-founder, commented, “The flippening is accelerating,” highlighting the growing influence of the platform. The new milestone has also drawn attention from various crypto enthusiasts on social media.
Earlier this month, on August 6, Gemini was ranked 117 in the finance category, while Coinbase was at 26, reflecting a rapid rise in Gemini’s visibility after the card launch.
App Store rankings are shaped by several factors, including downloads, keywords, user reviews, app performance, and retention, according to App Tweak, an App Store analytics platform.
Ripple Labs CEO Brad Garlinghouse also shared excitement online. “An XRP rewards credit card out in the world?! What a time to be alive, XRP family,” he wrote on social media, emphasizing the card’s potential impact.
Despite Gemini’s recent surge in app rankings, Coinbase continues to dominate in trading volume. CoinMarketCap data shows Coinbase ranks third among crypto exchanges, recording $4.54 billion in 24-hour trading. Gemini, in comparison, sits at 24th place with $382.49 million.
The launch comes shortly after Gemini filed with the U.S. Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI. This IPO will mark the first time Gemini shares are publicly traded, with pricing to be announced. Major banks, including Goldman Sachs, Morgan Stanley, and Citigroup, will lead the offering.
The XRP-rewards credit card may signal a growing trend of crypto exchanges leveraging loyalty programs to attract users. By combining mainstream payment systems like Mastercard with digital assets, Gemini aims to strengthen its user base and enhance daily engagement.
The App Store success suggests that integrating tangible rewards with cryptocurrency could drive downloads and app engagement. Analysts say that while Coinbase still has a trading volume advantage, Gemini’s approach may appeal to younger and tech-savvy users seeking instant rewards.
This strategic push into credit cards follows a broader trend in the crypto industry, where exchanges are exploring new products beyond trading. By offering instant cryptocurrency rewards, Gemini is positioning itself as a platform that blends traditional finance with digital assets.
As the market observes the effects of the XRP card, other exchanges may consider similar launches to maintain competitiveness. The “flippening,” a term used to describe one crypto platform surpassing another in influence, could accelerate if Gemini continues to innovate in user engagement and reward structures.
The launch of the Gemini XRP Mastercard not only boosts app store visibility but also underscores the potential of crypto-backed financial products to disrupt traditional banking experiences.
