![]() ![]() A similar company called Ikigai revealed that it had lost access to a "large majority" of its assets on FTX. If the retail portion of this equation is not resolved, I will dust off my law degree and sue everyone involved The statements made by Genesis/DCG limiting exposure to FTX/Alameda. Sino Global, a crypto-centric investment company, announced it had a "mid-seven figures" exposure to the exchange on Tuesday. Someone step in now for 700M to 1B, or everything in crypto gets fd Now is time for CZ fund to resolve at least the retail portion of the loans outstanding. When your transfer clears in 3-5 days, they payback the loan with 0.06-0.10 interest. They let you buy 100 of BTC and charge you 3 (or 0.15 with ActiveTrader). dollar and directly collateralizes each Gemini dollar against a U.S. Gemini borrows 100 from Genesis for 3 days till the transaction clears at 8/year (0.021/day). Gemini achieves stability for GUSD by pegging its value in a 1:1 ratio to the U.S. 'It sounded really safe,' Peter Chen, a data scientist in San Diego, who started putting money in Earn in late 2021, told Axios. Lets say someone deposits 100 to Gemini to buy crypto. Today's moves from Gemini and Genesis are just the latest the ongoing fallout from the collapsing FTX Exchange led by Sam Bankman-Fried.īesides various lending outfits halting withdrawals, FTX's implosion has also left various trading desks and venture firms high and dry. Customers who put their cash and cryptocurrency into Gemini Earn thought it was secure, akin to a savings account at a bank. I like Gemini and will probably use them again when it comes to c. The announcement added that the crypto exchange was working to redeem user funds from its Earn program "as quickly as possible." Gemini said that the move "does not impact any other Gemini products and services." For a while, I was participating in the Gemini Earn program due to the high interest rate. However, the downside risk is if whatever investment Gemini’s made goes south, you aren’t guaranteed to get your GUSD back. Whatever it’s been doing is obvs lucrative enough to give out 8.05 on GUSD deposits. 'Gemini is partnering with accredited third-party borrowers including Genesis, who are vetted through a risk management framework which reviews our partners’ collateralization management process,' reads the exchanges support page. ![]() "We are aware that Genesis Global Capital, LLC (Genesis) - the lending partner of the Earn program - has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days," Gemini's post read. Once you give Gemini your GUSD via Earn, Gemini can take that GUSD and lend/invest for greater returns. "Gemini is partnering with accredited third-party borrowers including Genesis, who are vetted through a risk management framework which reviews our partners’ collateralization management process," reads the exchange's support page. ![]()
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