Gemini Overtakes Coinbase in App Store After XRP Card Launch

Gemini has surged past Coinbase in Apple’s App Store finance rankings. The surge in ranking came following the launch of its limited-edition metal rewards card that offers up to 4% cashback in XRP. The move has generated significant buzz across the crypto community and fueled speculation about Gemini’s growing momentum as it eyes a Wall Street debut.

According to data from Sensor Tower, Gemini rose to 16th place in the finance app category, while Coinbase slipped to 20th. The turnaround is striking. Just weeks earlier, on August 6, Gemini ranked 117th while Coinbase held 26th. Tyler Winklevoss, one of the co-founders of Gemini, called the event "the flippening" on X. Supporters on social media mirrored the idea, saying that the card introduction was a symbolic win for Gemini.

The XRP card soon got people's attention for more than just its rankings. Ripple CEO Brad Garlinghouse called the project a "milestone" and "breakthrough" for the widespread use of XRP. It was backed by Mastercard and marketed around Ripple's coin. Gemini made itself a link between digital assets and traditional banking by linking crypto rewards to daily payments.

Despite Gemini’s app store climb, Coinbase remains far larger in terms of trading activity. CoinMarketCap data shows Coinbase handled more than $4.5 billion in trading volume over the past 24 hours, ranking third globally. Gemini Exchange, in contrast, managed about $382 million, placing 24th. The disparity underscores that app popularity doesn’t necessarily reflect market dominance.

The timing of Gemini’s momentum is noteworthy. The exchange recently filed for a Nasdaq listing under the ticker GEMI, with Goldman Sachs, Morgan Stanley, and Citigroup leading the offering. While pricing details are undisclosed, the IPO would mark Gemini’s first foray into public markets.

For Gemini, surpassing Coinbase in the App Store may prove temporary. The rise, which was fueled by the XRP rewards card and came at the same time as preparations for the company's IPO, shows how hard the company is working to get people to notice it and build its brand before it goes public.