Crypto trading platform Gemini has halted its Earn program following the announcement that Genesis had halted redemptions. Gemini Earn most recently promoted an 8.5% return for investors
The collapse of FTX and its collateral damage continues to impact other crypto trading platforms due to counterparty relationships as well as declining asset values.
In a blog post, Gemini noted that Genesis is the lending platform for its Earn program, and they will not be able to provide redemptions within the SLA of five business days. Gemini stated:
“We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We will provide more information in the coming days.
The past week has been an incredibly challenging and stressful time for our industry. We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. We will continue to work with them on behalf of all Earn customers. This is our highest priority. We greatly appreciate your patience.”
Gemini added that its staking service continues to operate as usual and that customer funds on the exchange are available as they are held 1 to 1.