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Gemini Earn: New Banking-like Interest Earning Opportunity on Crypto Deposits

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by Bhushan Akolkar · 3 min read
Gemini Earn: New Banking-like Interest Earning Opportunity on Crypto Deposits
Photo: Depositphotos

The new Gemini Earn crypto-interest product seamlessly integrates with some of the company offerings like Gemini custody and exchange services.

On Tuesday, February 2, cryptocurrency exchange Gemini announced its new interest-earning product Gemini Earn on cryptocurrency deposits. The new product allows investors to take a 7.4% annual-percentage-yield (APY) on the crypto deposits. Gemini says that this is one of the highest APY in comparison to other similar products.

This new product announcement comes in partnership with crypto lender Genesis. Winklevoss twins, the owners of Gemini, said that their APY rates are 100 times more than the US national average. With the launch of Gemini Earn, the company aims to be a one-stop destination for all crypto users. Thus users can buy, sell, store, and earn interest on their crypto holdings on Gemini. Speaking about the new product offering Gemini CEO Tyler Winklevoss 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.”

The Gemini Earn crypto-interest product shall be available to customers in all 50 states of America. Thus, users can either transfer their existing crypto holdings or buy and move the crypto to Gemini and start earning interest. Also, there’s no stringent requirement about the lock-in period. Users get the choice to hold their crypto for any given period of time.

Also, since Gemini is a New York-based Trust company, users don’t need to worry about the security of their crypto deposits. Gemini Earn employs top standard security protocols at par with other big financial institutions. Besides, Gemini Earn offers seamless integration with other services like its custodial and exchange solutions.

Gemini Earn and Other New Products and Services

The Gemini crypto exchange has been putting serious effort to introduce new products and services to the market. The larger part of their goal is to bring cryptocurrencies to the mainstream financial markets. Gemini is making every effort in this direction.

Last month, Gemini announced the launch of its reward-based crypto debit card service. The service rewards the users of the debit cards in Bitcoin (BTC), as high as 3% of their purchases. Basically, this service aims to offer its users easy and quick exposure to crypto. On the other hand, Gemini has also joined hands with Bitcoin evangelist Anthony Pompliano to launch a new crypto jobs portal.

Gemini COO Noah Perlman says that the new Gemini Earn product provides crypto interest at an all-time high rate. “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,” he said.

Read more about cryptocurrencies on Coinspeaker.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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