Gemini (guide here) has launched its interest earning program for cryptocurrencies – Gemini Earn – in Singapore.
Gemini Earn allows crypto holders to earn a return on their crypto holdings while investing in them for the long term.
Once you open an account, you can purchase any amount of cryptocurrency and immediately opt-in to Gemini Earn to start earning interest on your balance. You can redeem and withdraw cryptocurrency back to your trading account, alongside any accrued interest, at any time.
How Gemini Earn works
Gemini Earn is similar to other crypto lending programs available in the market.
Basically, Gemini lends crypto to third party institutions who borrow crypto assets for a variety of reasons, and pay Gemini a borrowing fee for them, which Gemini then pays to depositors. They work with accredited third party borrowers like Genesis, who are vetted through a risk management framework.
Interest is paid daily and will start accruing at 4 p.m. ET on the next business day after funds are moved to Gemini Earn.
Gemini Earn interest rates
Gemini Earn pays interest on many supported cryptocurrencies, ranging from 1+% to 7.4% on stablecoins like DAI.
The interest rate is expected to fluctuate depending on market demand, and it is not a fixed figure. You can find the latest interest rates on Gemini Earn here. Gemini will notify you if interest rates change.
Are my funds insured?
No, your funds are not insured. The funds will be loaned out to trusted borrowers (based on Gemini’s discretion). There is a risk of losing 100% of your deposits (but this risk applies to all similar platforms).
Are there fees for using Gemini Earn?
Gemini charges an agent fee for using Gemini Earn, it can range from 0.05% to 3.78%. The yields displayed are net of agent fees.
Who can use Gemini Earn?
Gemini Earn is currently available to customers residing in the US and Singapore. If you see Earn on your web browser, but do not see it on your mobile app, you need to make sure that your app is updated to the latest version.
Why Gemini Earn?
Gemini Earn supports a wider range of cryptocurrencies compared to competitors, it is available for all crypto assets supported by Gemini.
Gemini is also one of the top-notch crypto platforms that’s simple, reliable, and secure. As a New York-based Trust company with security protocols on par with those offered by top financial institutions, Gemini’s secure custody and exchange solutions also integrate seamlessly with Gemini Earn.
There is no minimum balance required to get started and no fees to transfer into or redeem from Gemini Earn.
A guide to participating in Gemini Earn
If you haven’t already signed up for Gemini, do so here.
On the top bar, you will see the Earn tab. Click on it to bring up the Gemini Earn program.
The dashboard will show you a list of cryptocurrencies eligible for Gemini Earn. Click on Earn for whatever cryptocurrencies you have in your account.
Choose how much you want to move and confirm the transfer. You will automatically start accruing interest!