Gemini Exchange - Now Earn Interest On Your Crypto Up To 7.4% APY

[TheMoneyShot]

Just wanted to give the heads up to SBR posters... Gemini now introducing Interest if you leave your Crypto with them.

Gemini Story

[ClimbSomeRocks]

This is super cool. 3.5% on BTC. This is going to put more pressure on blockfi, crypto(.)com, and any other savings product.

Way better than your funds just sitting on coinbase or any other exchange doing nothing...

Do you have to 'lock' the funds up for a given amount of time?

[BeatTheJerk]

This is super cool. 3.5% on BTC. This is going to put more pressure on blockfi, crypto(.)com, and any other savings product.

Way better than your funds just sitting on coinbase or any other exchange doing nothing...

Do you have to 'lock' the funds up for a given amount of time?

No you can cash out anytime you want with no penalty.

[pimike]

Is this really a good thing?

What’s the catch?

Is it safe?

[Optional]

Is this really a good thing?

What’s the catch?

Is it safe?

If there is zero ability for Gemini to stop you selling when you want, even during a severe market crash, then I'd say it's no riskier than holding it yourself at no interest.

But I'm not tempted by 3.5% PA.

I can see Gemini suspending trading or similar if a devastating crash comes.

[pimike]

If there is zero ability for Gemini to stop you selling when you want, even during a severe market crash, then I'd say it's no riskier than holding it yourself at no interest.

But I'm not tempted by 3.5% PA.

I can see Gemini suspending trading or similar if a devastating crash comes.

Thanks... I agree.

[Roscoe_Word]

Think the term is "passive income" as I learned from another thread.

I'm thinking this process would almost certainly generate a tax form come tax time.

I have an aversion to that not because I don't wanna pay taxes but because I can't figure out how to do it.

[Roger T. Bannon]

These companies that offer interest on crypto will all be going bankrupt. It will not last.