In the crypto space, centralized exchanges often serve one purpose, to allow users to buy, sell and exchange their cryptocurrency. Exchanges often have few services for users looking to store their cryptocurrency on the exchange. Cryptocurrency exchange Gemini aims to change this narrative. In early February of 2021, Gemini launched their feature called “Gemini Earn”. This service allows users to buy and hold their cryptocurrency on “Earn” and earn compounding interest. Gemini Earn is an extremely unique service and its seamless integration with its centralized exchange makes it extremely attractive to users who want to earn interest on their cryptocurrency without too much effort. Gemini Earn’s rates are competitive with current marketplace expectations. And you incur no fees when transferring your crypto in and out of their Earn platform.
Lending
In the world of crypto, users can earn their crypto in two main ways. Lending out their crypto or staking their crypto on a network. Through third-party providers such as Gemini Earn, you use them as a third party to stake or lend out your cryptocurrency for you. Rather than paying them outright to do this, they change their rates accordingly and take a cut of the rewards they get.
As a general rule, the easier it is to earn interest on your crypto, the lower the rates will be, as the provider makes the process extremely easy, saving you time in the process. As far as ease of interest on your crypto, Gemini Earn is one of the best services with its seamless integration with its Basic and ActiveTrader™ platforms. This seamless integration makes Gemini Earn one of the best ways for beginners to earn interest in their cryptocurrency, while also maintaining competitive rates on cryptocurrency.
More about Gemini
Gemini is one of the largest cryptocurrency exchanges and custodians in the world with over $30 billion in crypto under custody. Gemini was founded by two large players in the cryptocurrency game, brothers, Tyler Winklevoss and Cameron Winklevoss. With the launch of Gemini Earn, Gemini continues to prove its huge status in the cryptocurrency space, with services ranging from earning capabilities, pro trading tools, and custodial services. Gemini continues to prove why it is one of the largest cryptocurrency service providers on Earth.
Gemini is based in a US state notorious for its strict regulation of cryptocurrency companies, this state being New York. Despite this, Gemini has been able to release a wide range of services to its customers, including offering many cryptocurrencies, trading pairs, and a wide range of services to its customers and clients. Gemini’s wide range of services makes it extremely convenient for cryptocurrency traders and HODLers. Gemini is available in over 60 nations, the complete list can be found here.
Tyler Winklevoss famously said: “I do not know who said compound interest is the eighth wonder of the world. Albert Einstein or Warren Buffett, maybe it was Gandhi, I do not know”.
It is no wonder that Gemini was started Gemini Earn to provide its users with compounding interest.
Gemini Earn Rates
Gemini Earn provides users the ability to seamlessly send their crypto to earn interest. Without the need to input external wallet addresses, this convenience is unmatched by similar exchanges such as Coinbase. While Coinbase does offer its users to earn interest on some cryptocurrencies, the list of supported cryptocurrencies is substantially shorter than the list of supported cryptocurrencies on Gemini. Gemini’s list of supported cryptocurrencies is extensive and they add new cryptocurrencies often. Users should be aware that rates may change at any time. If you wish to calculate potential earnings, you may do so here. Here are the rates as of 10th September 2021.
Gemini Earn’s seamless integration makes depositing and withdrawing cryptocurrencies extremely easy into the platform. When buying cryptocurrencies, Gemini gives users the ability to immediately deposit cryptocurrency into Earn upon purchase.
This long list of cryptocurrencies compares to Coinbase’s measly 6 cryptocurrencies supported to earn interest. At this time, Gemini does not offer additional interest for those who lock up their crypto for extended periods of time.
How to earn
Users who aren’t interested in transferring to Earn immediately, are able to add crypto into Earn after they have purchased or deposit cryptocurrency into Earn. Once you are ready to deposit crypto into Earn, you will receive this notice.
Click on “Continue”.
Click on “Confirm”.
How to withdraw
If you are looking to withdraw crypto from Earn, you should go to the Earn section. Then click “redeem” on crypto you would like to withdraw from earn and into your trading balance. Please note: you will be unable to trade or exchange your cryptocurrency while it is earning interest in Earn.
Click on “Continue”.
Click on “Confirm”.
A few days after you redeem your cryptocurrency, your crypto will be available in your trading account.
Security
Gemini has extensive security to ensure user’s funds are secure at all times. Gemini requires users to use Authy to provide 2FA on all accounts. Users are also required to complete KYC and submit ID information to create an account. Additionally, Gemini also allows users to whitelist crypto wallets for ease of transfer.
Community
Gemini has a strong community supporting their crypto endeavors. Currently, the Gemini Twitter account has more than 300k followers.
According to Trustpilot, Gemini has almost 300 customer reviews with an average rating of 1.5. This is almost identical to their major competitor, Coinbase’s average rating of 1.6 with almost 6000 customer ratings. According to Trustpilot, 80% of the customer reviews rated Gemini as “bad”. Only 7% of customers were rating Gemini as excellent. Unfortunately, it seems that many customers have suffered from poor customer service from Gemini, with long wait times to deal with customer complaints being a common criticism.
Conclusion
Despite low general customer satisfaction, the suite of services provided by Gemini makes Gemini an extremely user-friendly platform with a wide range of services for all types of crypto investors. Currently, Gemini’s largest competitors are Coinbase and Kraken, and all three are based in the United States. However, for those looking for the largest list of supported crypto assets to earn interest on, Gemini beats both of them comfortably with a huge list of supported assets. Its seamless integration with its exchange platform also makes it an appealing prospect to those new to the crypto space.
Gemini continues to expand its suite of services. With a credit card in the works and a waitlist open, Gemini will compete with Coinbase’s debit card and BlockFi’s credit card. Gemini is a huge player in the crypto space both in the US and internationally. They will continue to perform strongly as long as they are able to ensure that customer service is improved and customers do not wait long times for service. Overall Gemini Earn is an extremely convenient service. It competes with crypto wallets that provide the same service such as Celsius and Nexo Wallet, while also seamlessly integrating with their primary service, their exchange.