Crypto exchange Gemini is moving deeper into traditional retail banking territory with the launch of an interest-bearing cryptocurrency account.
Launching across al 50 US States, Gemini Earn offers a market-beating 7.4% APY on a user’s crypto holdings.
“Today’s investors know that a smart, diverse portfolio includes crypto — it’s an investment in their future selves,” says Tyler Winklevoss, CEO of Gemini. “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 of Gemini Earn follows last month’s acquisition of Blockrize ahead of the launch of a credit card that lets users earn three percent in crypto-cashback on all purchases made with the card.
Both offerings align with Gemini’s product strategy of mainstreaming the use of cryptocurrency through traditional financial products such as interest earning platforms and credit cards.
“With interest in cryptocurrency at an all time high, we’re seeing demand from both crypto and crypto-curious customers for more ways to capitalise on this boom,” says COO Noah Perlman. “Gemini allows our customers the ability 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.”