Gemini is an exchange launched in 2014 by Cameron and Tyler Winklevoss. The platform offered a program called Earn, in partnership with Genesis Global Capital, LLC. But lately Genesis which is the lending partner of the Earn product has suspended withdrawals. In this context, on November 16, Gemini announced: We are working with the Genesis team to help customers withdraw their funds from the Earn program as quickly as possible. We will give more information in the coming days“. It seems that the exchange is on the verge of finding a solution to the problem.
Satisfactory Earn users: the“highest priority”!
According to a publication by Gemini on Twitter on November 22, the exchange could soon to offer a solution to users of the Earn program. The platform said: “We continue to work with Genesis Global Capital, LLC (Genesis), Earn’s lending partner and parent company, Digital Currency Group, Inc. (DCG), to find a solution for Earn users to redeem their funds“.
Gemini added:This remains our top priority“. In addition to suggesting it all options will be considered from Genesis and DCG in order to satisfy “obligations to users of Earn“. The cryptocurrency company has shown its appreciation to Earn users who have remained patient so far. He made it clear that the entire crypto exchange team is working hard”to provide updated information material as soon as possible“.
Gemini reassures users of its program
In his series of tweets, Gemini reiterated its compliance. In fact, he said:All client funds held on Gemini Exchange and Gemini Custody are held 1:1 and can be withdrawn at any time“. He explained that too the issue with the Earn program does not affect its other products and services in any way.
“Gemini is a full reserve exchange and custodian“, he stressed.
It is true that the company had stated in a blog post published on Nov. 11: “Gemini built its foundation on trust, security and complianceThe exchange had explained that it holds its clients’ crypto holdings and its own assets in segregated accounts.
Gemini is actively working with Genesis and DCG to enable users to redeem Earn program funds. The company wanted to inform its customers and reassure them of its integrity and reliability of its services. He also thanked customers for their patience so far.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its many uses and to transmit information related to this ecosystem with my pen.