| -Gemini exchange offers a saving scheme called “Earn” -However, with rates of up to 7.4% APY for US users. -Earn feature allows customers to save with no minimum balance and no transfer fee. -Moreover, in the coming months, the company plans to offer interest on its dollar-pegged stablecoin, the Gemini dollar. |
Gemini exchange offers a saving scheme called “Earn” with rates of up to 7.4% APY for US users.
Gemini Offers Saving Scheme for US Users
Cryptocurrency exchange Gemini is offering a savings scheme for its US users called “Earn.” Moreover, the exchange is a New York trust company founded by Tyler and Cameron Winklevoss.
In addition, regulated by the New York State Department of Financial Services. According to a report in CNBC, the service helps clients move their holdings in bitcoin and other cryptocurrencies into interest-bearing accounts.
However, Gemini mentions that it will offer rates of up to 7.4% APY. More so, this is 100 times the national average of 0.05% on savings accounts in the U.S.
The savings program will only be available to US customers. And not for international markets like Canada and Britain. Gemini already rolled out its services in the UK last year. After obtaining an electronic money license from the Financial Conduct Authority.
The exchange said in the report that its Earn feature allows customers to save with no minimum balance required to get started. And also no fees to transfer or redeem funds. In the coming months, the company plans to offer interest on its dollar-pegged stablecoin, the Gemini dollar.
Furthermore, offering services like lending and savings in crypto. This indicates a shift in an industry mostly known for investing.
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