Crypto Exchange Gemini Returns $2.2 Billion to Users After 18-Month Hiatus
The wait is finally over for customers of Gemini’s Earn program, as the crypto exchange has announced that it will be returning a whopping $2.18 billion in digital assets to its users. This move comes 18 months after the company paused withdrawals from the program, leaving many investors in limbo.
“Today, we are pleased to let you know that initial Earn distributions — approximately 97% of the digital assets owed to you by Genesis as of the suspension date (November 16, 2022) — are now available in your Gemini account,” the company announced in an email to its customers.
This development is a significant milestone in the saga of Gemini’s Earn program, which was launched in 2021 to allow customers to earn high yields on their cryptocurrencies. The program worked by lending customers’ crypto to institutional borrowers through Genesis Global Capital, Gemini’s lending partner.
Gemini’s Earn program allowed customers to earn high yields on their cryptocurrencies.
However, the program hit a roadblock in November 2022 when Genesis Global Capital paused new loan originations and redemptions, forcing Gemini to halt withdrawals from the Earn program. The situation took a turn for the worse when Genesis filed for Chapter 11 bankruptcy protection in January this year.
Despite the setbacks, Gemini has managed to reach a settlement with Genesis and other creditors, which will result in all Earn users receiving 100% of their digital assets back in kind. This means that if you lent one bitcoin in the Earn program, you will receive one bitcoin back, along with any increase in the value of your assets since you lent them.
The value of bitcoin has fluctuated significantly over the past year.
The $2.18 billion fund distribution represents a 232% recovery for users since Gemini froze withdrawals for customers of its Earn program 18 months ago. This is a significant win for Gemini’s customers, who have been waiting patiently for their funds to be returned.
The settlement with Genesis is also a positive development for the crypto industry as a whole, as it demonstrates that even in the face of adversity, crypto exchanges can work together to find solutions that benefit their customers.
The crypto industry has faced numerous challenges in recent years.
As the crypto market continues to evolve, it’s clear that exchanges like Gemini are committed to protecting their customers’ interests and providing them with innovative solutions to grow their wealth. The return of $2.2 billion to Gemini’s customers is a testament to this commitment, and we can expect to see more positive developments in the crypto space in the coming months.
The crypto market has experienced significant fluctuations in recent years.
In conclusion, the return of $2.2 billion to Gemini’s customers is a significant milestone in the history of the crypto industry. It demonstrates the power of collaboration and the commitment of crypto exchanges to their customers. As the crypto market continues to evolve, we can expect to see more innovative solutions and greater protections for customers.
The future of crypto looks bright, with many exciting developments on the horizon.
