![]() ![]() Gemini Earn Paused In The Wake Of FTX Collapse Gemini Earn product launch came shortly after the Gemini exchange went live with a new credit card in mid-January 2021 allowing users to earn crypto rewards on everyday purchases in crypto. He also added that interest would be compounded and paid on a daily basis, with the earnings being processed in the same crypto as the funds deposited. Upon launch, the Earn program offered investors the opportunity to earn 8% in interest by lending out their cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC), and stablecoins, all totaling to 26 assets supported by the platform.Īround the same time as the launch, Perlman said that interest rates for every one of the 26 assets are based on supply and demand within the market for individual asset borrowing. The program allows users to earn interest for any period, without the need for any minimum balance. The program would be run as part of the Gemini platform, making it possible for customers to transfer existing crypto holdings or purchase crypto to send to the program dubbed Gemini Earn. Our vetted institutional lending partners, such as Genesis Global Capital, find these borrowers and lend crypto funds in exchange for an interest payment. ![]() In this regard, Gemini chief operating officer Noah Perlman said: ![]() Given that Gemini was not the lender or borrower, its partnering firms such as Genesis Global Capital would play a critical role in the provision of the Earn product. We designed a program that allows our customers the ability to generate a real return on their crypto holdings without having to sell one of the best-performing asset classes of the decade.Īs a Trust company regulated by the New York Department of Finance, Gemini positioned the Earn product as the only crypto interest-earning program available across the 50 states in the U.S. The Creditor Committee expects an initial response this week.Ĭrypto exchange Gemini, under the leadership of Winklevoss, launched the “Earn” offering in 2021 to be an interest-earning program for customers in the U.S. This plan is based on information received from Genesis, DCG, and their respective advisors to date. Winklevoss has also expressed that finding a solution to the liquidity issues would provide a leeway for Gemini clients to recover assets that are owed to them by both Genesis and DCG following the collapse of the giant FTX crypto exchange.īased on the brief “ Earn Update “, which Winklevoss also shared on Twitter, the plan that Houlihan Lokey presented on behalf of the creditor committee “Is based on information received from Genesis, DCG, and their respective advisors to date,” with the Gemini co-founder adding that “The Creditor Committee expects an initial response this week. ![]() On December 3, reports spread that crypto lender Genesis and DCG allegedly owed $900 million to Gemini clients, based on information from the Financial times as reported by people close to the matter. Gemini co-founder Cameron Winklevoss has said that the global investment bank Houlihan Lokey has structured a plan on behalf of a committee of creditors targeted at resolving the liquidity issues at Genesis and its parent firm, Digital Currency Group (DCG).Įarn Update: Today, Houlihan Lokey presented a plan on behalf of the Creditor Committee to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of assets. Join Our Telegram channel to stay up to date on breaking news coverage ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |