Genesis and its parent company, Digital Currency Group, have announced a proposed remuneration deal for over 230,000 retail creditors who participated in Gemini’s Earn program. The deal aims to make these creditors “nearly whole” and will be voted on later this year. The Earn program was available to customers of the Gemini crypto exchange, with Genesis providing the financial infrastructure for the program. Both Genesis and CoinDesk are owned by DCG.
According to a recent statement, the proposed remuneration deal is a significant step towards addressing the concerns of retail creditors who were affected by the collapse of the program. The deal aims to compensate these creditors for their losses and restore their trust in the crypto industry.
The Earn program, offered by Gemini, allowed users to earn interest on their cryptocurrency holdings. However, the program faced significant challenges and ultimately collapsed, leaving many retail creditors in a precarious financial situation. The proposed remuneration deal seeks to rectify this by providing compensation to these creditors.
In a recent interview, a spokesperson for Genesis emphasized the importance of ensuring that retail creditors are made whole. They stated, “We understand the impact that the collapse of the Earn program has had on retail creditors, and we are committed to finding a fair and equitable solution. Our goal is to restore trust and confidence in the crypto industry.”
The proposed deal has garnered attention from industry experts and stakeholders, who see it as a positive step towards addressing the challenges faced by retail creditors. However, it is important to note that the deal is still subject to a vote later this year, and its implementation will depend on the outcome of this vote.
In conclusion, Genesis and Digital Currency Group have proposed a remuneration deal for retail creditors affected by the collapse of Gemini’s Earn program. The deal aims to compensate these creditors and restore their trust in the crypto industry. The proposal is set to be voted on later this year, and its implementation will depend on the outcome of this vote.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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