Gemini Launches Interest-Earning Program For Bitcoin
Today, cryptocurrency exchange Gemini has launched an interest-earning program called Gemini Earn for select customers. With it, users can receive up to 7.4 percent annual percentage yield (APY) on the bitcoin or other cryptocurrencies they hold in their Gemini accounts.
In a release shared with Bitcoin Magazine, Gemini called the program the first cryptocurrency-based, interest-earning product available in all 50 states. The exchange expects to roll Gemini Earn out to all users in the coming weeks.
“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,” Tyler Winklevoss, Gemini’s CEO, said in the release.
The exchange indicated that use of Gemini Earn will require no minimum balance threshold and will not include fees for transfers or redemptions. Users can redeem their cryptocurrency holdings at any time.