S&P 500
7,462.60
-0.97%
Dow Jones
52,196.30
-0.69%
Nasdaq 100
28,614.80
-1.39%
Russell 2000
2,957.79
-0.68%
FTSE 100
10,583.80
+0.08%
Nikkei 225
65,020.60
-1.35%

Investing

With $3+ Billion in Deposits, Gemini Earn Halts Withdrawals

Photo of 247patrick
By 247patrick Published
With $3+ Billion in Deposits, Gemini Earn Halts Withdrawals

© SIphotography / iStock via Getty Images

According to an update from Gemini on November 16, 2022, Gemini’s Earn program has paused withdrawals.

Gemini advertises up to 8.05% APY on select cryptocurrencies deposited on its platform. By the end of August 2022, the total value of digital assets deposited on Gemini Earn exceeded $3 billion.

Gemini says they are “not able to meet customer redemptions” per their own service-level agreement which allows for five business days.

The lending partner of Gemini’s Earn program is Genesis Global Capital, which also paused withdrawals on November 16th.

Today’s announcement does not effect Gemini’s cryptocurrency exchange. According to Gemini, the exchange’s assets are held 1:1 and are “available for withdrawal at any time”.

The news arrives as firms across the digital space continue to experience the negative effects of FTX’s collapse.

This article originally appeared on The Tokenist

Contact [email protected] for any questions or corrections.

Follow 24/7 Wall St. on Google
Photo of 247patrick
About the Author 247patrick →

Continue Reading

DCG’s Silbert Opens Up on Genesis and 3AC, Gemini Terminates Earn Program
247patrick |

DCG’s Silbert Opens Up on Genesis and 3AC, Gemini Terminates Earn Program

DCG’s Barry Silbert addresses the now-controversial genesis promissory note.

How Far Can the FTX Contagion Spread?
247patrick |

How Far Can the FTX Contagion Spread?

The FTX fallout continues to reap its contagion toll.

DCG and Genesis Reach an ‘In Principle’ Agreement With Creditors
247patrick |

DCG and Genesis Reach an ‘In Principle’ Agreement With Creditors

According to a Monday report, the Digital Currency Group and its bankrupt subsidiary, Genesis, reached a preliminary agreement with the…

Gemini Allegedly Borrowed $100M From Winklevoss Twins
247patrick |

Gemini Allegedly Borrowed $100M From Winklevoss Twins

The Winklevoss twins allegedly recently lent $100 million to Gemini, a cryptocurrency company they founded.

Gemini Takes First Steps to Comply With New Crypto Requirements in Canada
247patrick |

Gemini Takes First Steps to Comply With New Crypto Requirements in Canada

Gemini has announced that had filed the pre-registration undertaking with the Ontario Securities Commission.

Tron’s Justin Sun Willing to Spend $1B on DCG’s Assets
247patrick |

Tron’s Justin Sun Willing to Spend $1B on DCG’s Assets

On January 13th, the Tron DAO founder Justin Sun revealed he would be willing to spend up to $1 billion…

DCG Agrees to Sell Genesis in a Pact With Major Creditors
247patrick |

DCG Agrees to Sell Genesis in a Pact With Major Creditors

Digital Currency Group reportedly is planning to sell both the lending and trading branches of the bankrupt firm Genesis.

247patrick |

DCG-Genesis Crisis in the Making as CEO Barry Silbert Fails to Respond

Tracking hundreds of active blockchain projects is a full-time job. But finding out how they are funded is much easier…

Friday Filing Reveals Details of DCG’s Plan to Sell Genesis
247patrick |

Friday Filing Reveals Details of DCG’s Plan to Sell Genesis

A filing has shed some light on DCG’s plan to sell Genesis as part of the latter’s bankruptcy proceedings.

Top Gaining Stocks

Travelers
TRV • Vol: 4,309,209
Seagate Technology
STX • Vol: 7,013,111
Centene
CNC • Vol: 4,781,461
Humana
HUM • Vol: 2,048,056
Archer-Daniels-Midland
ADM • Vol: 4,330,699

Top Losing Stocks

Intuitive Surgical
ISRG • Vol: 11,563,668
Cadence Design Systems
CDNS • Vol: 5,188,444
Coterra Energy
CTRA • Vol: 73,319,495
Synopsys
SNPS • Vol: 5,039,287
Netflix
NFLX • Vol: 142,029,440