Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has leapfrogged Coinbase in Apple’s U.S. App Store finance rankings, despite its rival reporting far larger daily trading volumes.
According to Sensor Tower data, Gemini climbed to 16th place in the finance category on Monday, overtaking Coinbase at 20th. The shift followed Gemini’s launch of a limited edition XRP-rewards credit card, created in partnership with Ripple Labs and Mastercard.
“This limited edition metal card gives up to 4% back in XRP instantly. No waiting, just stacking,” Gemini said in an X post. The product quickly gained traction among Ripple’s community, with Ripple CEO Brad Garlinghouse celebrating the development online: “An XRP rewards credit card out in the world?! What a time to be alive, XRP family.”
App Store rankings are determined by multiple factors, including downloads, keywords, user reviews, app performance and retention, according to App Tweak. Analysts said Gemini’s new product launch, combined with heightened XRP interest, helped propel the app higher in the charts.
The milestone was notable given Coinbase’s significantly higher trading activity. Data from CoinMarketCap shows Coinbase ranked third globally with $4.54 billion in daily trading volume, compared to Gemini’s $382.49 million, placing it 24th. Despite that gap, Gemini co-founder Tyler Winklevoss declared, “The flippening is accelerating,” in an X post on Monday.
The rankings boost comes at a pivotal time for Gemini. The exchange recently 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. The filing did not disclose the pricing range for the IPO but confirmed that Goldman Sachs, Morgan Stanley and Citigroup would lead the offering.
If successful, Gemini’s IPO would mark the first time its shares are publicly traded, adding further significance to its growing visibility. Industry observers said the combination of a high-profile rewards card and IPO plans underscores Gemini’s strategy to differentiate itself in a crowded market.
