Gemini Earn allows you to put your crypto to work for you, producing some great interest rates. Of course, there is an added risk as the loans are not secured. The good news for New Yorkers is that this is basically the only crypto earning platform from a company that has Bitlicense. Even most staking programs are not actually legal here.
As with any lending program, supply and demand change interest rates. With the crypto market still recovering from the recent dump, the demand for loans on certain currencies has decreased. As a result, Gemini Earn has lessened some of its interest rates. Here is a complete list of the changes.
- ETH: Down from 3.05% to 2.055%
- LTC: Down from 4.5% to 2.77%
- PAXG: Down to 1.81%
- FIL: Down from 7.4% to 4.48%
- ZRX: Down to 1.81%
- AAVE: Down from 5.83% to 3.05%
The other currencies are still at the same rate.
Still A Great Earning Opportunity
As always with a risky investment, you should never invest more than you can afford to lose. That being said, even with the reduction in some interest rates, Gemini Earn still offers a great opportunity to gain interest by loaning out your coins.
So far, my experience with the program has been good. However, I have only transfer coins into the program. If I decide to sell and take my earnings at some point in the future, I will write another article to let you know how the process goes.
In the meantime, Gemini Exchange offers the same great signup deal as Coinbase. If you join using my referral link here, we each get $10 in Bitcoin after you trade a total of $100 or more.
Bonus Tip!
Don’t forget to go to Settings and turn on Active Trader before transferring any funds. It is basically like Coinbase Pro versus Coinbase. It’s a little more technical, but you pay a fraction of the fees on trades. You can easily switch back and forth between the basic market and Active Trader at any time.
