Gemini Launches a New Way to Earn Interest on Crypto Assets
Gemini, founded by Tyler and Cameron Winklevoss, announced its interest-earning program, Gemini Earn, which enables customers to earn up to 7.4 percent APY. The program will be available in all 50 US states and let users buy, spend, store and make interest on more than 26 cryptocurrencies under one platform.
Customers can transfer their crypto holdings or easily purchase crypto to move into Gemini Earn and earn interest for any period. Additionally, they can also redeem their crypto at any time.
Tyler Winklevoss, CEO of Gemini, said that modern investors know that a smart, diverse portfolio includes crypto as an investment in their future selves. They made a program where customers can generate a real return on their crypto holdings without selling one of the decade’s best-performing asset classes.
Gemini Earn will be available to a limited number of Gemini customers today and accessible to all in the coming weeks. The offering will encompass all crypto assets supported by Gemini. The company plans to expand the program to bear interest on the Gemini dollar, its regulated stablecoin with a 1:1 peg to the U.S. dollar.
Noah Perlman, Gemini’s chief operating officer, said they serve several customers keen on the traditional finance interest rates. The company intends to give individuals a reason to store their crypto on the Gemini platform. The product goes hand in hand with other traditional-looking crypto products, such as the Gemini credit card launched earlier this year.
Gemini Credit Card offers a crypto rewards program that users earn back 3 percent in bitcoin or other cryptocurrencies on every purchase. The company launched the credit offer in association with Gemini’s newly acquired startup, Blockrize.
Perlman said they believe the quality of their product and the holistic experience on the Gemini platform make Gemini Earn stand out from other offerings.
Demand for Digital Assets
Gemini Trust Co., the cryptocurrency exchange, was founded by the billionaire twins as a simple, elegant, and secure platform to build your crypto portfolio. It allows customers to buy, sell, store, and earn on several coins, including bitcoin, bitcoin cash, ether, litecoin, and Zcash seamlessly.
Michael Moro, the CEO at Genesis Global Capital, says the demand for borrowing digital assets is surging as more institutional investors pile into the market. Wealthy families, hedge funds, and other investors borrow more cryptos to mount complex trades, primarily since it’s simpler to borrow the assets than buy them. The same people are also using Bitcoin as collateral to borrow loans in U.S. dollars.