Gemini Launches ‘Earn’ an Interest-Earning Program for Over 20 Supported Cryptocurrencies
The Gemini exchange has launched a new interest-earning program for American customers, allowing them to earn interest on several tokens available on the platform.
Easy Interest, High Yields
The new feature is called Gemini Earn, according to the press release. The new feature wants Gemini customers to earn returns on their crypto holdings without selling them. The platform is rolling out with support for popular cryptocurrencies like Bitcoin, Litecoin, and Ether. Customers on Gemini Earn can earn up to 7.4% interest annually on their assets.
Tyler Winklevoss, the company CEO, said they launched the feature to meet up with the demand for crypto-based investment avenues. With cryptocurrencies growing in prominence, Gemini customers will now be able to get “real” returns on their crypto holdings without selling their assets.
Gemini users can transfer their existing holdings or purchase crypto from the main Gemini platform. The program is starting with a selected group of customers. However, a full-scale rollout is expected before the month draws to a close.
Gemini is Hitting the Ground Running
The new interest program is the latest expansion play from the Gemini Trust. Like many in the crypto industry, the company has been building its suites of products over the past year and is now expanding significantly.
Last month, Gemini expanded its presence in Singapore with support for the local currency and a streamlined application process for residents. Singapore residents can also fund their accounts via debit cards and local bank deposits through the FAST electronic funds' transfer service.
The company also opened a waitlist for its upcoming Gemini Credit Card. The card is expected to be funded with dollars but will offer rewards in Bitcoin. Bloomberg also reported that Gemini was eyeing a possible public offering. The founders are set to be considering several viable means of going public. These include a direct Initial Public Offering (IPO) or a merger with a blank-check firm.