New York-based crypto exchange Gemini has announced it will be working with Genesis and DCG to figure out a way to Earn redemptions.
Details About The Collaboration
The news was initially disclosed in a Twitter thread by Gemini. In the update, Gemini announced its collaboration with Genesis and its parent company, Digital Currency Group, Inc. (DCG), in an effort to find a solution for Earn users to redeem their funds from the crypto exchange’s Earn product.
According to Gemini, the collaboration does not impact any other Gemini products and services. The firm stated on Twitter, noting: “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.”
Gemini Earn is a lending program through which one may choose to lend their crypto to specific institutional borrowers and earn interest on it. The program was launched alongside Gemini’s partnership with accredited third-party borrowers, including Genesis.
Gemini Earn Unable to Meet Customer Redemptions as Genesis Pauses Withdrawals
Notably, this news follows the recent announcement from Gemini earlier last week that it would not be able to meet customer redemptions within the service-level agreement’s time frame of five days after its lending partner of the Earn program, Genesis, had paused withdrawals.
Gemini stated in the announcement, “We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. We will continue to work with them on behalf of all Earn customers.”
Speaking of Gemini lending partner, Genesis, the firm on Monday warned potential investors it could possibly file for bankruptcy if it is unable to raise funds.