Gemini’s ‘Earn’ interest on cryptos to offer up to 7.4% APY
Winklevoss twins’ crypto exchange Gemini today launched a new interest-earning program called Gemini Earn for customers based in United States. Through Earn, investors who use Gemini will be able to earn up to 7.4% annual percentage yield. Earn supports 26 assets such as Bitcoin, Ether, Litecoin, Bitcoin Cash, Zcash, UniSwap and AAVE among others. The Gemini team claimed that the APY is more than 100 times the national US average — on cryptocurrencies.
#GeminiEarn early access is live for select customers!
With a Gemini Earn account, you can receive up to 7.4% interest on your #crypto.
— Gemini (@Gemini) February 2, 2021
Customers can also transfer their existing crypto holdings into Gemini Earn. The platform allows users to redeem their assets at any time and claims to not charge transfer or withdrawal fees. At the moment, only a select few customers in US can access Gemini Earn. However, the platform is expected to fully rollout in early February.
Tyler Winklevoss, CEO of Gemini said in a statement:
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.
The platform claims to pay interest daily and will start at 4pm ET on the next business day after funds are moved to Gemini Earn.
The exchange plans to partner with third party borrowers including Genesis, which will review Gemini’s partners’ collateralization management.
Last month, Gemini launched a credit card, through which users can earn rewards on their crypto purchases. As of mid January, Cameron and Tyler Winklevoss were open to possibilities of taking their Gemini public.