Gemini Ends Partnership With Genesis, Halts Earn Program

11.1.2023 | 11:59

• Crypto exchange Gemini has ended its partnership with Digital Currency Group’s Genesis Global.
• The end of the partnership terminates the Earn Program and requires Genesis to return all assets outstanding in the program.
• This development will not in any way affect pending redemption requests.

Crypto exchange Gemini has taken a major step in severing ties with Digital Currency Group’s Genesis Global. This follows after the exchange recently announced a decision to terminate a major aspect of their existing partnership.

The end of the partnership will see the termination of the Earn Program. This program was part of the master loan agreement (MLA) between Gemini’s customers and Genesis and had been running for nearly two years. To ensure that the program is ended, the exchange sent an email to customers confirming the news and requiring Genesis to return all assets outstanding in the program.

The end of this program does not hinder pending redemption requests. Gemini has made it clear that it will continue to hope that Genesis holds up to those requests and fulfills them. It is worth noting that the partnership between the two companies had been running smoothly until summer when the feud between the two firms began to surface.

Both companies have since failed to reach a compromise and it seems that the end of their partnership is inevitable. While both parties continue to disagree on the specifics, Gemini has made it clear that it will not accept any form of compromise that would affect its customers’ interests.

It remains to be seen how this feud will play out and if both companies will be able to come to a compromise. In the meantime, Gemini will continue to ensure that its customers’ interests remain unharmed and that pending redemption requests are fulfilled.

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