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- Cryptocurrency exchange platform Gemini has introduced a new program oriented towards earning interests on over 20 digital assets
- Referred to as “Gemini Earn”, this initiative will allow traders to gain up to 7.4% interest per year
- Various digital coins supported by the exchange include Ethereum (ETH), Bitcoin Cash (BCH), and Zcash (ZEC), amongst others
Digital asset exchange platform Gemini has launched a new interest-based program which will allow users to gain abount 7.4% annual interest on 26 crypto assets.
Good News For Digital Investors!
Cryptographic trade platform Gemini has introduced an interest-acquiring program called “Gemini Earn”. This launch will be available to a limited user base at the beginning. The program will allow users to get up to 7.4% annual yield on various cryptocurrency assets. These range from the world’s leading digital currency, Bitcoin (BTC), along with other altcoins such as Ethereum (ETH), Zcash (ZEC), Litecoin (LTC) and Bitcoin Cash (BCH). These assets are held on the exchange by numerous users.
Gemini has claimed that the program is the pioneer interest-earning initiative based on digital assets. This will be accessible in all the 50 states. The trade hopes to release Gemini Earn to all clients in the coming weeks. Tyler Winklevoss, CEO of the exchange, shared that the program is intended towards earning legitimate profits after investing in digital assets. This will be facilitated without the requirement of selling a portion under their ownership.
The trade also highlighted that the introduction and incorporation of Gemini Earn will not require a foundational equilibrium restriction. Additionally, it will not include processing costs for transactions or withdrawals. The digital assets owned by respective users can be reacquired at any time. It will exclude charges for moves or reclamations.
High-Risk & High Interest-Earnings
Despite offering the highest interest based earning of up to 7.4% per year, the program also contains certain risks like being exposed to borrower’s risk in terms of credit. The terms and agreements of Gemini Earn outline that the highest annual percentage yield will be generated on Filecoin assets. For other supported cryptos, the earnings range between 1.54% to 5.83% per year as of now.
There is no requirement of maintaining collateral. As a result, users face the risk of losing all of their digital assets in a situation where a borrower defaults on repayment. Gemini clearly stated that the platform will not be held responsible after crypto assets exit the exchange’s custody.
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.
