![]() The launch comes in tandem with the recent debut of the Gemini Credit Card which offers a cryptocurrency rewards program that allows users to earn back 3 percent in bitcoin or other cryptocurrencies on every purchase. “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.” “Today’s investors know that a smart, diverse portfolio includes crypto - it’s an investment in their future selves,” said Tyler Winklevoss, CEO of Gemini. They will not require a minimum balance to get started and they will also have the opportunity to redeem their crypto at any time with zero transfer and redeeming fees. The program will be available in all 50 states and will let users buy, spend, store and earn interest on more than 26 cryptocurrencies under one platform.Ĭustomers will be able to purchase and transfer their crypto assets onto Gemini Earn to start earning interest for any given period of time. Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Crypto custodian firm Gemini announced today the launch of its interest-earning program, Gemini Earn, which enables customers to earn up to 7.4 percent APY. In July, Gemini co-founder Cameron Winklevoss issued an ultimatum to Silbert, demanding the immediate payment of $640 million owed to Gemini’s Earn clients or the threat of a lawsuit. Gemini sued DCG and its CEO Barry Silbert in July, alleging that Silbert was responsible for orchestrating a fraudulent scheme against creditors on behalf of DCG and Genesis. As a result, it filed for bankruptcy protection in January, owing substantial debts to its creditors.įollowing this, DCG and Genesis Global became embroiled in a legal dispute with the Gemini exchange. Genesis Global Holdco faced significant financial challenges after the collapses of the crypto hedge fund Three Arrows Capital and the FTX exchange last year. Genesis and DCG Face Legal Battle Over Unpaid Bitcoin Loans ![]() Once this is done, the distribution of funds will commence, and the path toward significant recovery for Genesis creditors will continue. The spokesperson further stated that they are currently in the process of documenting a forbearance agreement, which will be filed with the court soon. In a separate court filing on Wednesday, attorneys representing Genesis disclosed that the crypto lender and DCG had entered into an “amended and restated master loan agreement” in November 2022.Ī spokesperson for DCG mentioned in an emailed statement that Genesis had agreed to suspend the turnover action to facilitate the documentation of a preliminary agreement reached with Genesis, the UCC (Unsecured Creditors Committee), and DCG. ![]() However, the loan matured on May 11, 2023, and remained unpaid, as per the filing. The documents state that Genesis loaned over 18,000 bitcoin to DCG in 2022, and later that year, the debt was converted into a fixed-term loan with a maturity date of May 11. Bankruptcy Court in the Southern District of New York. Genesis and DCG had entered into a “master loan agreement” in 2019, according to Genesis’ lawyers, as revealed in a filing with the U.S. ![]() Genesis Global Capital is taking legal action against Digital Currency Group (DCG) for several unpaid loans totaling hundreds of millions of dollars that were due in May. The Leading Crypto Research Networkĭigital Currency Group, the owner of the now-bankrupt crypto lender Genesis, faced criticism on Wednesday for allegedly borrowing a substantial amount of bitcoin and failing to repay it.
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