The cryptocurrency exchange Gemini has launched an interest income program for customers in the United States.
The program is called Gemini Earn and enables customers to earn up to 7.4% annual interest on all Gemini supported cryptocurrenciesThe company announced Tuesday. The platform supports 26 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC) and others. The program is now available to selected Gemini customers. A comprehensive rollout is planned for the beginning of February.
Gemini’s COO Noah Perlman told Cointelegraph that The interest rates for each cryptocurrency are based on the supply and demand in the credit market for that cryptocurrency. Interest is compounded and paid daily, and revenue is generated in the same cryptocurrency as the funds deposited.
Gemini Earn will act as part of the Gemini platform, allowing customers to transfer their existing crypto holdings or purchase cryptocurrency to send to Gemini Earn. The program allows users to earn interest for any period of time with no minimum balance required.
As a trust company regulated by the New York Treasury Department, Gemini positions its new product as the only cryptocurrency interest-collecting program available in all 50 states. Since Gemini is neither a lender nor a borrower, permanent partners like Genesis Global Capital are critical to delivering this product, Perlman said. “”Our institutional loan partners such as Genesis Global Capital find these borrowers and lend cryptocurrency funds for an interest payment. “said.
Tyler Winklevoss, CEO of Gemini, said: “We have developed a program that will allow our clients to get a real return on their cryptocurrency holdings without having to sell one of the best performing asset classes of the decade. “
Gemini Earn will start shortly after the stock exchange introduced the new credit card in mid-January 2021.It allows users to earn cryptocurrency rewards on daily cryptocurrency purchases. As previously reported, Gemini apparently plans to go public.
Don’t stop reading: