Gemini cryptocurrency exchange launched a program to earn benefits for US customers.

The company said Tuesday that the program, called Gemini Earn, enables customers to earn up to 7.4% annually on all Gemini-backed cryptocurrencies. The platform supports 26 cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC) among others. The program is immediately available for select Gemini customers with a full launch scheduled for early February.

Gemini Noah Perlman, COO, told Cointelegraph that interest rates for each cryptocurrency are dependent on the supply and demand in the market for borrowing that cryptocurrency. Interest is accrued and paid daily, while profits are generated in the same cryptocurrency as deposits.

Gemini Earn will operate as part of the Gemini platform, allowing customers to convert existing cryptocurrencies or purchase cryptocurrencies to send to Gemini Earn. The program allows users to earn interest in any period without requiring a minimum balance.

As a trust regulated by the New York City Department of Finance, Gemini positions its new product as the only cryptocurrency program available in all 50 states. Perelman noted that since Gemini is neither a lender nor a borrower, company partners such as Genesis Global Capital are important in introducing this product. “Our trusted institutional lending partners like Genesis Global Capital find these borrowers and borrow cryptocurrencies in return for paying interest,” he said.

Gemini CEO Tyler Winklevoss said, “We have developed a program that enables our clients to earn real profits from their cryptocurrencies without having to sell one of the best asset classes of the decade.”

The launch of the Gemini Earn came shortly after the exchange released a new credit card in mid-January 2021 that would allow users to earn cryptocurrency rewards for daily cryptocurrencies. As previously reported, Gemini appears to be planning a public listing.

Source: CoinTelegraph