Gemini is working with Genesis and DCG on solution for Earn redemptions

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.