Gemini Credit Card Offers XRP Rewards, but Tyler Winklevoss' Device Didn't Have Gemini App Installed.

Gemini, a crypto exchange co-founded by billionaire Tyler Winklevoss, has surpassed Coinbase on the US Apple App Store. However, Winklevoss was found to have the Coinbase app installed on his device, not the Gemini app. Despite the contradiction, Winklevoss boasted about Gemini's achievement and took it sportingly when called out by a Coinbase protocol specialist. The exchange has also launched a credit card offering XRP rewards in collaboration with Ripple Labs and Mastercard.

Gemini, a prominent crypto exchange co-founded by billionaire Tyler Winklevoss, has recently overtaken Coinbase on the U.S. iOS App Store rankings. According to Sensor Tower’s data, Gemini climbed to the 11th position, while Coinbase dropped to 26th following Gemini's XRP Mastercard launch with Ripple [1].

Despite the rankings, it is noteworthy that Winklevoss himself was found to have the Coinbase app installed on his device, not the Gemini app. When questioned about this apparent contradiction, Winklevoss took it sportingly and highlighted Gemini's achievement [2].

The XRP Mastercard, developed through Gemini’s partnership with Ripple and issued by WebBank under Mastercard’s World Elite program, offers up to 4% back in XRP on everyday purchases with no annual fees. Cardholders earn 4% back in XRP on gas, EV charging, and rideshare spending, 3% on dining, 2% on groceries, and 1% on all other purchases, positioning the product as one of the market’s most competitive crypto rewards offerings. New users receive a $200 bonus in XRP after spending $3,000 within the first 90 days, while select merchant partnerships provide up to 10% back on qualifying purchases to maximize customer returns [1].

Gemini reports that XRP has proven the most lucrative rewards option among its credit card offerings, with users who chose XRP rewards and held for at least a year seeing returns increase by more than 450% between October 2021 and July 2025. Tyler Winklevoss, co-founder and CEO of Gemini, described the card as "a bridge to the future of finance," while Ripple CEO Brad Garlinghouse celebrated the launch, writing, "An XRP rewards credit card out in the world?! What a time to be alive, XRP family" [1].

The card launch coincides with expanded access to Ripple’s RLUSD stablecoin, now available for U.S. spot trading on Gemini, with the USD-backed token growing to over $640 million in market capitalization since its launch earlier this year. Sensor Tower performance data reveals Gemini’s sustained climb in the finance category, with the exchange maintaining a consistent top 25-30 position throughout the July 28 to August 26 period and achieving over 90,000 downloads this month [1].

Meanwhile, Coinbase demonstrated high volatility, dropping from around 95th place in late July to approximately 155th in mid-August before surging to its current 11th position, which is a massive 90+ position improvement [1].

The XRP card launch builds on Ripple’s strategic backing of Gemini’s IPO ambitions, with the payments giant extending a $75 million credit line that could expand to $150 million to support the exchange’s public debut. Gemini filed its S-1 with the SEC to list on Nasdaq under the ticker “GEMI,” positioning itself to become the third U.S. crypto exchange to go public following Coinbase in 2021 and Bullish earlier this month [1].

Notably, the agreement, disclosed in Gemini’s SEC filing, introduces RLUSD as a borrowing option once the initial facility is utilized, giving Ripple’s stablecoin direct integration into U.S. exchange infrastructure. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are leading the offering, despite Gemini posting a $282.5 million net loss in the first half of 2025 while cash reserves dropped from $341.5 million to $161.9 million [1].

In recent months, several other major crypto firms, including OKX, Grayscale, and Kraken, have also signaled IPO intentions. At the same time, listed leaders like Coinbase and MicroStrategy recently hit multi-year highs amid favorable regulatory developments under the Trump administration [1].

References:
[1] https://finance.yahoo.com/news/xrp-mastercard-launch-pushes-gemini-110814112.html
[2] https://www.pymnts.com/cryptocurrency/2025/gemini-ripple-launch-credit-card-offering-rewards-crypto/