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

Exchanges • November 22, 2022, 3:13AM EST

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.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].