The US-based cryptocurrency exchange Gemini announced it will grant its customers the opportunity to earn interest on Dogecoin. They can realize as much as 2.25% annual percentage yield (APY) on the meme coin. With this innovation, Gemini Earn now accounts for more than $2 billion in loans for its customers.
DOGE Coming to Gemini
The massive craze around the meme coin keeps its invasion and reached the US trading venue Gemini. The official website of the crypto exchange founded by the Winklevoss brothers announced to its users that they can start earning interest on DOGE with Gemini Earn.
The company revealed its custody support to the meme coin and affirmed that Gemini is the only regulated platform in the US where trading and earning interest on DOGE is allowed in all 50 states. Furthermore, Gemini’s officials opined that Dogecoin is a true successor of Bitcoin:
”We listed Dogecoin because we believe it is the people’s money and continues Bitcoin’s tradition of giving the control of money back to the people.”
The Gemini team also confirmed that clients may begin earning interest on SushiSwap (SUSHI), Injective (INJ), and Polygon (MATIC).
Gemini Earn stated that users can earn up to 7.4% APY on their crypto held on the exchange. Additionally, interest is earned and aggregated daily and customers can claim their digital assets at any time. Another main advantage of the service is that there are no minimum balances and fees to transfer into or redeem from it.
Gemini Earn is accessible for every customer in the US and Singapore. With the addition of Dogecoin, there are now 32 digital assets that the service supports.
Another Innovation by Gemini
The founders of the cryptocurrency exchange – The Winklevoss twins – are well known for their support for the crypto industry and Bitcoin in particular. Their digital asset exchange is among the few regulated in the US and has made several notable partnerships as of late.
CryptoPotato reported recently that Gemini collaborated with Mastercard to launch a crypto credit card with rewards paid in the form of the primary cryptocurrency. According to the statement, the card will offer up to 3% of bitcoin cashback to users.
Many investors embraced the announcement and the waiting list quickly surged to 140,000. Gemini promised the card will come with no annual fees, combined with 24/7 live customer support, which should ”deliver a superior cardholder experience.”