Gemini Tops Coinbase on App Store After XRP Mastercard Launch
But can it match Coinbase's trading volume?
It’s not without reason if you see crypto users still using Coinbase even after it was surpassed in app rankings. Well, for most, a long-time reputable exchange platform might actually sound better than one with the newest product and enticing benefits.
Recently, it was reported that Gemini, the crypto exchange founded by the Winklevoss twins, overtook Coinbase on the U.S. Apple App Store’s finance category—Gemini at 11th place at the time of writing, and Coinbase at 26th.
While this does come as a surprise, since Coinbase processes more transaction volume and offers innovative products, the reason isn’t far-fetched. In fact, it’s not that hard to connect.
The exchange launched an XRP-rewards credit card with Ripple Labs and Mastercard. At first glance, you might say, “But this isn’t new, exchanges like Binance and Coinbase already have credit cards.”
Surprisingly, this one hit differently because it’s tied to XRP, the third-largest crypto by market capitalization. The limited-edition metal card gives up to 4% back in XRP instantly. Meanwhile, it’s worth noting that keywords, downloads, user reviews, app performance, and retention actively shape App Store rankings.
Interestingly, this report comes just weeks after Gemini 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.
According to its filing, the initial public offering (IPO) will mark the first time its shares will be publicly traded, with pricing expected within an undisclosed range. The offering will be led by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, and Citigroup.
All of this puts Gemini in the spotlight—but the bigger test is whether hype can translate into usage. It’s yet to be seen if the newly launched card or the upcoming IPO can help Gemini close the gap with Coinbase in trading volume. Right now, Coinbase ranks third among crypto exchanges with $4.54 billion in the past 24 hours, while Gemini sits at 24th with $382.49 million, according to CoinMarketCap.
Emmanuel Oyedeji
