Gemini Trust Co. Crypto Platform The withdrawals of customers using the Gemini Earn program, run by the Winklevoss brothers, will be delayed (now not available) after its product partner, Genesis Global, has temporarily suspended withdrawals on its lending platform. In the midst of the current liquidity crisis
Genesis is one of the main borrowers of Gemini Earn, a yield product for clients. According to Gemini Earn’s website, Gemini works with Genesis to enable users to redeem their money as quickly as possible. The delay will not affect Gemini’s other products and services (just Gemini Earn), the company said in a statement.
In a statement that “This past week has been a very challenging and stressful time for our (cryptocurrency) industry. We were disappointed that the Earn program’s SLA (Service Level Agreements) were not met. Genesis and its parent company, the Digital Currency Group, will do everything they can to be responsible for their customers using the Earn program.”
The reason why Genesis had to suspend the withdrawal of lending came from the collapse of the popular crypto exchange “FTX” which shocked the industry. By now, the company It revealed that it had hired a consultant to analyze all possible options. both raising new funds And will deliver plans for the lending business next week. by previous Genesis’ lending business has been affected by the bankrupt crypto hedge fund “Three Arrows Capital.” However, trading and other Genesis services are still in operation.
Source: Bloomberg