Earning interest on your crypto is easier than ever using Gemini Earn. APY varies up to 7.40%. APY is the annual percentage yield or the real rate of return earned on a savings deposit or investment taking into account the effect of compounding interest. Gemini allows you to temporarily place many of your cryptocurrencies that you keep on the exchange into a savings like account they call earn. Like a traditional bank, they lend that money out to people for a fee.
That's great! How do I do it. Well first of all you just have to have some coins on the Gemini exchange. Once you do that, it's easy to move the coins into "Earn". From your balances tab you just select the Earn button. This lists all the coins available to move to earn and the applicable APY you can earn on them. Just select the coin you are interested in moving over and it brings up a window that allows you to select the amount of coin you wish to move. For ease of use, there is a "Max" link that lets you put all of that coin you keep on Gemini into earn.
Simply put in the amount of coins, or use the Max link and select continue. You'll see a confirmation screen showing the details of the transaction. It's feeless by the way. Note that you also get a disclaimer.
"By clicking "confirm," you are agreeing to lend your crypto to Genesis Global Capital, LLC ("Genesis") according to the terms of the Master Loan Agreement. You are also authorizing Gemini to disclose your name, email, date of birth, and state of residence to Genesis solely for the purposes of fulfilling customer identification and anti-money laundering obligations."
From this point you can confirm or cancel to back out. If you want to adjust your transaction you can hit the arrow in the top left to adjust the amount. Well that's all there is to it. To get your coin moved back over to your account just hit redeem where you once selected Earn and you can walk through a similar and simple process of moving the coin back over to your exchange account.
This is not financial advice and you should do your own research to decide if Gemini Earn is right for you. This is just a tutorial on how to use the product.
