What happened?
Gemini has surpassed Coinbase in the U.S. iOS App Store finance category rankings following the announcement of its new XRP Mastercard, issued in partnership with Ripple. According to Sensor Tower’s data, Gemini climbed to 11th place while Coinbase ranks at 26th. Despite having significantly lower daily trading volumes than Coinbase, Gemini gained popularity due to the attractive features of the new credit card.
Who does this affect?
This development primarily affects users of cryptocurrency exchanges and holders of XRP who are looking for innovative financial products with cryptocurrency rewards. Gemini customers will benefit from the new XRP Mastercard’s rewards system, while Coinbase is directly impacted as a competitor in the app ranking space. The market for crypto-based credit cards will also feel the effects, as this sets new competition standards with high rewards for consumers.
Why does this matter?
The rise of Gemini above Coinbase in App Store rankings could indicate a shift in user preference towards platforms offering more diverse and appealing cryptocurrency products. This could have significant implications for the competitive dynamics among crypto exchanges, potentially leading to more innovation and enhanced product offerings to capture market share. Market impact also includes increased exposure and user adoption of Ripple’s XRP, possibly affecting its market value and positioning in the broader crypto ecosystem.