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- New interest earning program named ‘Gemini Earn’ offers customers up to 7.4% annual percentage yield (APY)
- Allows users to invest in various cryptocurrency options and earn substantial returns without any ‘knee-jerk’ reactions
Gemini Trust Company & Gemini Earn
Established in 2015, Gemini is a next-generation cryptocurrency exchange and custodian permitting customers to buy, sell and store in excess of 30 cryptocurrencies inclusive of Bitcoin, Bitcoin cash, Litecoin, Ether and Zcash. The firm is a New York based trust firm held to the highest level of banking compliance standards, fiduciary obligations and capital reserve requirements.
The platform is user friendly and customers can transfer existing crypto holdings or easily purchase crypto to transfer into Gemini Earn and interest for given period of time. They can also redeem their crypto at any point in time.
Gemini Earn enables customers to earn 7.4% APY which is more than 100 times the national U.S. average on cryptocurrencies. The program supports all 26 crypto assets including DeFi coins such as Uniswap and Aave. Though comparatively this is riskier since the loans made are unsecured in nature and thus exposed to Borrower credit risk and borrowers are not required to post collateral. This means users could lose all of their deposits in case a borrower defaults.
The borrowers are not required to custody or maintain the Loaned Digital Assets with Gemini or any of their controlled accounts. Gemini would not be responsible for any digital assets once they exit Gemini’s custody. Loans are not insured by Gemini or any other governmental institution or program.
Gemini Firms Looking at Way Forward
The present day investors are smart and indulge in diverse portfolio including crypto from a futuristic purpose. The program focuses on allowing customers with the ability to generate a real return on their crypto holdings without having to sell one of the best performing asset classes in the current times.
Gemini is focusing on making crypto mainstream and acting as a bridge between traditional financial products like credit cards and interest opportunities to cryptocurrency becoming an integral part in the overall financial system.
The firm will be rolling out this program to selective Gemini customers and will be open to all their customers in the following month. There is no minimum balance required to get started and no fees for transferring into or redeeming from Gemini Earn. The solution will be available for all crypto assets supported by Gemini.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
