Gemini is working with Genesis and DCG on solution for Earn redemptions
Quick Take
- Gemini claims to be working on finding a solution to re-open redemptions for its Earn product.
Gemini said it is working with Genesis and Digital Currency Group in an effort to find a solution that will allow users to redeem their funds from the crypto exchange's Earn product.
Gemini provided the update in a thread on Twitter, writing: "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."
The New York-based crypto exchange announced on Nov. 16 that it would not be able to meet customer redemptions in the service-level agreement's time frame of five days — which followed news that Genesis, its lending partner, paused withdrawals.
Genesis has since indicated that it is seeking a $1 billion emergency cash loan. Binance — the leading crypto exchange by 24-hour volume — turned down the opportunity to invest in the embattled crypto lender.
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