Crypto exchange Gemini rolls out Gemini Earn in Singapore, offers up to 7.4% interest
Singapore, NNA - Gemini, a global crypto exchange and custodian, has introduced its recently launched interest-earning program Gemini Earn in Singapore, its regional base for Asia-Pacific.
Customers can transfer existing crypto holdings, or easily buy crypto to transfer into Gemini Earn and earn up to 7.4 percent interest on 28 cryptocurrencies available on Gemini. They can redeem their crypto any time.
In a media statement, Jeremy Ng, head of Asia Pacific at Gemini, said Gemini Earn was designed to allow users to invest in the long term while still generating real returns on their crypto holdings.
New-York-based Gemini Trust Company, a next-generation cryptocurrency exchange and custodian, launched Gemini Earn in the United States about two months ago. Customers from 50 states are now collectively earning interest on more than $1 billion in loans originated through Gemini Earn, said the company.
When announcing the launch of the program, Tyler Winklevoss, CEO of Gemini, said, “Today’s investors know that a smart, diverse portfolio includes crypto — it’s an investment in their future selves. We designed a program that allows our customers the ability to generate a real return on their crypto holdings without having to sell one of the best performing asset classes of the decade."
The launch came after Gemini’s acquisition of fintech start-up Blockrize which facilitated the roll-out of the new Gemini Credit Card, which allows users to earn rewards in Bitcoin.
All these launches are part of Gemini's mission to make crypto mainstream, by linking traditional financial products such as interest opportunities and credit cards to the world of cryptocurrency.
With interest in cryptocurrency rising to unprecedented levels, Gemini has seen demand from both crypto and crypto-curious customers for more ways to capitalize on this boom, said Noah Perlman, chief operating officer at Gemini.
So, Gemini offers customers the opportunity to invest for the long term "while also easily putting their money to work and reward themselves today with high-yield products like Gemini Earn,” said Perlman.
Founded in 2014 by twin brothers Cameron and Tyler Winklevoss, Gemini allows customers to buy, sell, and store more than 30 cryptocurrencies including bitcoin, bitcoin cash, litecoin, ether, and Zcash. It is regulated by the New York State Department of Financial Services.
Its Singapore affiliate, Gemini Digital Payments Pte. Ltd, launched a digital payment token exchange and custodian business in Singapore in January this year. It allows customers to trade and store and exchange such tokens with fiat currencies, including Singapore dollars.
Gemini Digital Payments operates under the supervision of the Monetary Authority of Singapore.
Gemini, which has plans to expand across Asia Pacific, sees Southeast Asia as a fast-growing and vibrant region in the global crypto movement. It also noted the Monetary Authority of Singapore has "developed thoughtful regulation that is paving the way for further crypto adoption and innovation".
Tyler Winklevoss said, "Singapore is a financial epicenter in the heart of Asia and is a fast-growing market for cryptocurrency. Singapore is one of our biggest markets and supporting SGD is another exciting milestone on our mission to empower the individual through crypto."
Gemini operates in more than 50 countries in six continents, including regions like Europe and South America. It competes with leading cryptocurrency exchanges like Kraken and Coinbase.