Gemini Says They Working with Genesis and DCG to Find The Best Solution for Gemini Earn
Gemini Says They Working with Genesis and DCG to Find The Best Solution for Gemini Earn.
According to Gemini, it is working with Genesis and Digital Currency Group to find a way to allow Earn users to redeem funds.
Exploring the best solution
New York-based crypto exchange Gemini posted an update on their Earn program today in a lengthy tweet.
“Update for Earn customers: 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,” the firm said.
1/5 Update for Earn customers: 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.
— Gemini (@Gemini) November 22, 2022
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In addition, the firm emphasized that earning users is their highest priority, and they understand that Genesis and DCG are committed to exploring every option to achieve this.
“We greatly appreciate Earn users’ patience during this challenging time and are working hard to provide a material informational update soon,” cited the firm.
Further, Gemini maintains that this will not affect any of its other products or services. “All customer funds held on the Gemini Exchange and in Gemini Custody are held 1-to-1 and available for withdrawal at any time.”
Depend on Genesis situation
In response to news that Genesis, its lending partner, had paused withdrawals, on Nov. 16 Gemini said it was unable to meet its service-level agreement’s five-day redemption period.
Following Genesis’ announcement that it might go bankrupt without raising a $1 billion new round of funding, they asked Binance for cash but were denied.
Meanwhile, some users have predicted these things to happen by saying “ Sadly this seemed so predictable several months ago.”
@Gemini you started this earn program on your platform so we hope you and @GenesisTrading can find a way to resolve this otherwise an online movement can start to boycott your exchange and leave you with nothing ! #boycottgemini #leavegemini
— Wayne L (@waynezawesome) November 22, 2022
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Several users stated that if the exchange does not find a solution, they may be left by others, “@Gemini you started this earn program on your platform so we hope you and @GenesisTrading can find a way to resolve this otherwise an online movement can start to boycott your exchange and leave you with nothing ! #boycottgemini #leavegemini.”
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