Gemini Says Crypto Exchange Working To Find Solution for Users To Redeem Funds From Struggling Earn Product
The crypto exchange Gemini says it’s working to “find a solution” so its customers can redeem funds from its interest-earning program, Gemini Earn.
The program was impacted last week when its leading partner, blue-chip crypto lender Genesis, halted customer withdrawals due to liquidity issues stemming from the collapse of 3AC and FTX.
Says Gemini this week,
“We continue to work with Genesis Global Capital, LLC (Genesis) — the lending partner of Earn — and its parent company Digital Currency Group, Inc. (DCG) to find a solution for Earn users to redeem their funds. This remains our highest priority and we understand Genesis and DCG remain committed to exploring every possible option to fulfill their obligations to Earn users.
We greatly appreciate Earn users’ patience during this challenging time and are working hard to provide a material informational update soon.”
The exchange also notes that Gemini Earn’s issues don’t impact any of the company’s other products.
“Gemini is a full-reserve exchange and custodian. All customer funds held on the Gemini Exchange and in Gemini Custody are held 1-to-1 and available for withdrawal at any time.”
The Wall Street Journal reported last week that Genesis asked investors for an emergency loan of $1 billion before announcing that clients would temporarily be unable to take out their funds.
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