Cryptocurrency exchange Gemini has revealed its clients are now earning interest on over $3 billion in loans in Gemini Earn. Currently, the exchange's customers can earn interest of up to 7.4% APY with almost 40 cryptocurrencies, including bitcoin (EXANTE: Bitcoin), uniswap (UNI) and ether (ETH).
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"Instilling trust in our products is central to Gemini's ethos, and crossing this milestone is indicative of the confidence our customers have in our business," the exchange said in a blog post.
The increase of assets in loans comes as Cameron Winklevoss, Co-Founder of Gemini, said the exchange plans to overtake the other cryptocurrency trading giant — Binance — in terms of trading volume. He added that in order to do so, unregulated propositions will have to take a back seat.
In May, Gemini reported it was storing $30 billion in cryptocurrencies as a custodian. Thus, the exchange has more than tripled its assets under custody since the beginning of 2021.
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