Gemini officially discontinues Earn product

Gemini has officially discontinued its interest-bearing product, Earn, according to an email sent to users connected Jan. 10.

Gemini says that it has terminated existing Master Loan Agreements with Genesis Global Capital — which provided the Earn programme — connected behalf of its customers.

“This officially terminates the Earn Program,” the email reads.

According to Gemini, Genesis is liable for returning each outstanding assets to users. Gemini assured its users that existing redemptions are “not impacted” and said that it volition question a solution for customers wanting to retrieve their assets.

Gemini added that arranging the instrumentality of idiosyncratic assets is its “highest priority” and asserted that it is acting with “utmost urgency.” It said that it volition supply updates doubly a week (on Tuesday and Friday) until it resolves the situation.

Though Gemini has not publically announced the extremity of Earn, the company’s missive is present successful wide circulation connected societal media. Nono Martínez Alonso, an AI researcher, has posted a copy of the missive successful its entirety to Hacker News.

Users of Gemini Earn person been incapable to entree funds successful their accounts for astir 2 months. On Nov. 16, 2022, Gemini suspended Earn withdrawals owed to marketplace conditions resulting from the illness of FTX.

In the months that followed, Gemini formed a committee to resoluteness the concern portion users attempted to prosecute legal arbitration.

Earlier this month, Gemini co-founder Cameron Winklevoss demanded a resolution by Jan. 8. Tensions escalated further this week arsenic Winklevoss called for Barry Silbert to beryllium removed from his post arsenic the CEO of Genesis’ genitor company, Digital Currency Group. DCG successful crook dismissed Winklevoss’ statements arsenic a publicity stunt.

Unlike companies that person suspended withdrawals owed to imminent bankruptcy, Gemini has lone suspended 1 of its services and continues to run its main exchange. As such, it is unclear however the contented astir Genesis Earn mightiness beryllium resolved.

The station Gemini officially discontinues Earn product appeared archetypal connected CryptoSlate.