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Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has surged past Coinbase in the U.S. App Store finance category rankings. This significant climb follows the recent launch of Gemini's XRP-rewards credit card, a collaboration with Ripple Labs and Mastercard, which offers users up to 4% back in XRP instantly.
Key Takeaways
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Gemini's app store ranking jumped significantly after the launch of its XRP rewards credit card.
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The new card offers users instant XRP rewards, a feature that has resonated with the crypto community.
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Despite the app store success, Coinbase maintains a substantially higher daily trading volume compared to Gemini.
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Gemini's move is seen by some as a sign of accelerating shifts in the crypto exchange landscape.
Gemini's App Store Ascent
Data from Sensor Tower indicates that Gemini's app overtook Coinbase's in the U.S. finance category shortly after the announcement of the XRP credit card. At the time of reporting, Gemini held the 16th position, while Coinbase was ranked 20th. This represents a notable shift, as just weeks prior, on August 6th, Gemini was ranked 117th, with Coinbase at 26th in the same category.
App Store rankings are influenced by various factors, including keywords, download numbers, user reviews, app performance, and user retention, according to App Tweak, an App Store intelligence platform. The positive reception of the XRP rewards card appears to have directly impacted Gemini's visibility and user engagement on the platform.
The XRP Rewards Card
The limited-edition metal card, a product of the partnership between Gemini, Ripple Labs, and Mastercard, provides users with an immediate 4% back in XRP on purchases. Gemini highlighted the instant nature of the rewards, stating, "No waiting, just stacking." This feature has been met with enthusiasm from the crypto community, with Ripple Labs CEO Brad Garlinghouse expressing his excitement on social media.
Trading Volume Disparity
Despite Gemini's recent success in app store rankings, a significant difference in trading volume persists between the two exchanges. According to CoinMarketCap data, Coinbase ranks third among crypto exchanges with $4.54 billion in trading volume over the past 24 hours. In contrast, Gemini is ranked 24th, with $382.49 million in the same period. Messari data also shows that Coinbase has more than three times the daily trading volume of Gemini, underscoring the difference in their market activity.
Future Prospects
This development comes at an interesting time for Gemini, as the company recently 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 GEMI. This planned Initial Public Offering (IPO) will mark the first time Gemini's shares are publicly traded, with pricing details yet to be disclosed. The offering is expected to be led by major financial institutions, including Goldman Sachs, Morgan Stanley, and Citigroup.
Gemini co-founder Tyler Winklevoss commented on the app store milestone, suggesting that "The flippening is accelerating," a sentiment echoed by other participants in the crypto market.
Sources
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