By Ekin Genç
Gemini, the cryptocurrency exchange run by Tyler and Cameron Winklevoss, has launched a service that lets investors earn 2.25% a year on Dogecoin held in accounts on the exchange.
Gemini Earn, the exchange’s interest-bearing accounts program, launched in February. It is open to customers in the U.S. (in all 50 states) and Singapore.
The interest is generated daily, and will be added to the initial investment, compounding the amount of Dogecoin held.
Dogecoin invested through Gemini Earn isn’t locked, so investors can withdraw their crypto at any time.
There’s no minimum doge requirement and Gemini doesn’t charge fees for depositing to or withdrawing crypto from Gemini Earn.
You can now earn 2.25% APY on $DOGE with #GeminiEarn!
Along with this exciting addition, Gemini customers are now collectively earning interest on more than $2 billion in loans originated through Gemini Earn. Much wow. https://t.co/l1l52Kp2Nl
— Gemini (@Gemini) May 9, 2021
Gemini also added SushiSwap (SUSHI), Injective (INJ), and Polygon (MATIC) to the program today. Gemini Earn already supports 28 cryptocurrencies, including Bitcoin (2.05% APY) and Ethereum (3.05% APY).
That escalated quickly
“[Dogecoin] continues Bitcoin’s tradition of giving the control of money back to the people,” a statement on the company website said today.
Gemini listed Dogecoin on its exchange on Monday, two days after Elon Musk confirmed he would reference Dogecoin on Saturday Night Live. That SNL show aired last night, and tanked the price of the meme coin.
The price went from $0.69 at 4.30am UTC to $0.49 within an hour. It soon climbed up again to $0.56, before going on a downward course. It’s now trading for $0.47—but that’s still 18% higher since this time last week.