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Gemini Works With Genesis To Find Solution For Earn Users To Redeem Their Funds

To come up with a solution that would enable consumers to withdraw their money from the Earn product of the cryptocurrency exchange, Gemini said it is collaborating with Genesis and Digital Currency Group.

The exchange said to users in a thread on Twitter:

Following reports that Genesis, its lending partner, had stopped withdrawals, the exchange said on November 16 that it would be unable to satisfy client redemptions within the service-level agreement’s time constraint of five days.

Genesis has stated that it is looking for an urgent loan of $1 billion. The chance to invest in the troubled cryptocurrency lender was rejected by Binance. Additionally, Genesis has attested that the company can continue operating without declaring bankruptcy.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.