what is gemini earn

Gemini Earn is a lending program offered by the cryptocurrency exchange Gemini, which allows customers to lend out certain cryptocurrencies and earn interest rates of up to 8% . The program was implemented with financing from Genesis Global Capital, which supplied the financial infrastructure that ran the program. However, in November 2022, Genesis announced that it would not allow its Gemini Earn investors to withdraw their crypto assets because it lacked sufficient liquid assets to meet withdrawal requests following volatility in the crypto asset market. As of September 2023, Gemini and Genesis have proposed a remuneration plan that estimates "unsecured creditors a 70-90% recovery with a meaningful portion of the recovery in digital currencies" and "Gemini Earn users would be projected at approximately 95-110% without any contribution from Gemini". Gemini has also committed to contributing up to $100 million more for Earn users as part of the plan.