Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is going all in on dogecoin. Starting Sunday, the Gemini app will let clients move their holdings in dogecoin into interest-bearing accounts through its Gemini Earn service which is a good thing after Elon's appearance on SNL had the opposite effect as the price feel to a low of $0.41...
It looks like they will be offering a rate of 2.25% APY idle dogecoin balances, but with the recent volatility that 2.25% might not be worth the risk of holding.
The details say interest is earned and compounded daily, and customers can redeem their crypto at any time which is still a better deal that traditional CD which lock funds up a set amount of time. Another good features is there are also no minimum balances and no fees to transfer into or redeem from Gemini Earn.
The move come only about a week after dogecoin was listed and I can't wait to see what other coins are added to the program. Passive income is the best way to build and maintain long term wealth so any time you can find new sources is great. I for one will stick to other coins, but if I had any DOGE i'd gladly collect the APR.