CZ Confirmed Binance Earn Does Not Rely Any Other 3rd-Party
After Gemini Earn said that they have paused customer redemption requests due to Genesis’s Effect, CEO of Binance has announced that Binance does not rely on Genesis and any third parties for Binance Earn.
On November 16, Genesis Global Capital temporarily suspended new acquisitions and loans in its lending business due to market effects following the FTX crash. This has had a direct impact on Gemini Earn because Genesis is an important partner and provides loans to serve Gemini Earn products.
Immediately, CEO Changpeng Zhao stated:
Binance does not rely on Genesis or any other 3rd-party for our Earn products. For on-chain staking, Binance uses our own nodes where possible.
In June 2022, Binance had a detailed article on the self-sufficient business model of the Binance Earn program. Unlike Gemini Earn, Binance Earn offers reasonable rewards and avoids over-subsidization.
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