Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has surpassed Coinbase in the app store charts after launching a XRP-rewards credit card 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 on Monday.
Sensor Tower data shows Gemini overtook Coinbase in the finance category rankings in the US after the announcement, with Gemini at 16th place at the time of publication, compared to Coinbase at 20th.
The event could be seen as significant as Coinbase has over three times the daily trading volume of Gemini, recent data from Messari shows.
“The flippening is accelerating,” says Tyler Winklevoss
Gemini co-founder Tyler Winklevoss said, “The flippening is accelerating” in an X post on Monday, and other crypto market participants also highlighted the new milestone on social media.
According to App Store intelligence platform App Tweak, rankings on the App Store are mainly influenced by keywords, downloads, user reviews, app performance, and retention.
Ripple Labs CEO Brad Garlinghouse said in an X post on Monday, “An XRP rewards credit card out in the world?! What a time to be alive, XRP family.”
Coinbase posts significantly higher trading volume than Gemini
Coinbase ranks third among crypto exchanges by trading volume, recording $4.54 billion in the past 24 hours, while Gemini sits at 24th with $382.49 million, CoinMarketCap data shows.
Related: Gemini crypto exchange adds USD payment rails for European institutions
It comes just weeks after Gemini filed with the US Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI.
According to its filing, the IPO will mark the first time its shares are publicly traded, with pricing expected between an undisclosed range. The offering will be led by a syndicate of major banks, including Goldman Sachs, Morgan Stanley, and Citigroup.
Magazine: Bitcoin’s long-term security budget problem: Impending crisis or FUD?
