Gemini has announced a 232% recovery for its Earn users, who are set to receive $2.18 billion in crypto over the next 12 months. This amount, significantly influenced by the current market prices, will be disbursed in-kind, avoiding conversion to fiat currency.
Remarkably, this figure marks over $1 billion increase from the value of the assets when Genesis halted withdrawals in November 2022, which at the time totaled $940 million. Users to Receive Updated Crypto Worth Gemini declared on Wednesday that all Gemini Earn users will get back their digital assets in-kind. According to the company’s press release, this means that users will receive exactly what they lent out; for example, someone who lent one bitcoin will get one bitcoin back.
Gemini reported that Earn users have successfully reclaimed $2.18 billion worth of their digital assets in-kind. This remarkable recovery rate of 232% follows the initial withdrawal halt by Genesis, Gemini’s Earn partner, which led Gemini to suspend its own withdrawals from the Earn program.
In November 2022, the cryptocurrency held by approximately 232,000 users was valued at $940 million. Since then, the value of Bitcoin is up by 200%. Tyler Winklevoss, CEO of Gemini, said, “It’s important to note that the Genesis bankruptcy was not a crypto problem.
It was old-fashioned financial fraud compounded by a lack of regulatory clarity. To that end, we will continue to fight for clear rules and guidance for our industry that foster both in.
