Gemini Launches Interest-Earning Program for Cryptocurrencies
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Gemini Launches Interest-Earning Program for Cryptocurrencies

February 3, 2021      Jafrin Ahmed

Crypto exchange Gemini has launched an interest-earning program called Gemini Earn for customers in the U.S. Gemini Earn will support upto 26 cryptocurrency assets including DeFi coins such as Uniswap and Aave. The program will be initially available for selected Gemini customers. Its full-scale roll-out is scheduled for early February 2021.

Gemini’s Earn Program APY to Vary Based on Cryptocurrencies

The annual percentage yield (APY) for the Gemini Earn program will vary with the type of cryptocurrency. The highest yield will only be available for Filecoin at 7.4%. For the rest of the supported cryptocurrencies, the interest rate will vary from 1.54% to 5.83%.

READ  Taro Aso Believes Blockchain Can Help Contact Tracing in COVID

Popular cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) will each yield 3.05%. This still comes as a high yield, in comparison to the average national savings account rate of 0.05%.

In the announcement release, Tyler Winklevoss, CEO of Gemini, said:

“Today’s investors know that a smart, diverse portfolio includes crypto — it’s an investment in their future selves. 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.”

Noah Perlman, chief operating officer at Gemini, said:

“Gemini allows our customers the ability to invest for the long term while also easily putting their money to work and reward themselves today with high-yield products like Gemini Earn.”

Gemini Intends to Normalize the Use of Cryptocurrency

There will be no minimum balance required to get started on the Gemini Earn program. Besides, there will also be no fees required to transfer or redeem from the program. Users can redeem their cryptocurrency holdings at any time.

READ  Winklevoss Twins Are Billionaires Again as Bitcoin Surges

The launch of Gemini Earn comes just shortly after the exchange announced the launch of Gemini Credit Card, where users are rewarded with cryptocurrencies for their purchases. Both offerings intend to mainstream and normalize the use of cryptocurrency through traditional financial products such as interest-earning platforms and credit cards.

#Cryptocurrency Interest #Gemini Earn #Gemini Exchange #Interest-earning Program #Winklevoss twins
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.