Winklevosses’ Gemini Delays Withdrawals on Lending Program
- Move comes after lending partner Genesis pauses withdrawals
- Gemini working to allow redemptions as ‘quickly as possible’
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Gemini Trust Co., the cryptocurrency platform run by Tyler and Cameron Winklevoss, said redemptions by customers for its Earn program are being delayed after its partner in the product, Genesis Global, paused withdrawals on its borrowing platform amid a liquidity crunch.
Genesis is one of the main borrowers of Gemini Earn, a product used to generate yields for its customers, according to Gemini Earn’s website. Gemini is working with Genesis to allow users to redeem funds as ‘quickly as possible.” The delay doesn’t impact any other Gemini products and services, the New York-based firm said in a statement.