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.
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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