Tyler and Cameron Winklevoss‘ Gemini crypto exchange is beginning to let customers move Dogecoin holdings into interest-bearing accounts with its Gemini Earn service, according to a report made by CNBC.
The company has announced that they will offer users a 2.25% annual percentage yield (APY) on a customer’s idle dogecoin balances. This is slightly less than their competitors such as Cardano and Polkadot that offer 4 to 5%.
“We at Gemini believe that one of the most exciting things about cryptocurrency… is empowering the individual, and doge is a phenomenal example of that,” Noah Perlman, Gemini’s COO, told CNBC in an interview.
They further announced that the interest can be earned and compounded daily. While customers are permitted to redeem their crypto any time they wish. There are additionally no minimum balances and no fees to transfer into or redeem from Gemini Earn.
This move comes on the back of them listing Dogecoin for the first time in its history. Even though the price has taken a fall, at one point the price of Dogecoin was up 15,000% for the year.
“The individual feels like doge is money? Then it is. We’re here to help individuals acquire it, store it, and spend it in a safe, secure way,” continued Perlman, according to CNBC.
Elon Musk last night announced that Tesla was no longer accepting Bitcoin due to environmental concerns. It is impossible that he will withdraw his support from Dogecoin for the same reason but if he does turn his attention to an alternative coin this could potentially mean that his attention will move away from tempting to pump Dogecoin which will ultimately have a great effect on its price.