The reason for this announcement comes from Genesis has halted withdrawals on its lending platform. Genesis is an important partner and provides loans to serve Gemini Earn product.
In their article, Gemini said:
We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. 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.
Faced with Genesis’ unfavorable situation, Gemini Earn still believes that their partner will do everything to fulfill obligations to customers of the Earn program.
The announcement also confirmed that the suspension of withdrawals does not impact any other Gemini products and services. Customers can still make withdrawals from the exchange at any time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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