According to the company, it will offer a rate of 2.25 percent annual percentage yield (APY) on a customer’s idle dogecoin balances.
“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.
Interest can be earned and compounded daily. Customers can also redeem their crypto any time, and there are no minimum balances and no fees to transfer into or redeem from Gemini Earn.
The move from Gemini comes shortly after the exchange listed Dogecoin for the first time. Dogecoin, inspired by the eight-year-old meme, has become a firebrand, with a price surge of over 25,000 percent in the last six months.
“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.
Gemini Earn’s launch from February of this year has seen users earning interest on a collective $2 billion in loans originated through the service.
PYMNTS wrote about the Dogecoin mania recently, reporting that the coin, initially considered a joke, was now making serious waves.
The frenzy of activity around Dogecoin started because of a post on Reddit, which shot the value of the coin from around a penny or two to a nickel or seven cents.
Dogecoin, which debuted in 2013 and was based around an internet meme, has shared some characteristics with cryptos, including the fact that it is worth as much as whatever someone is willing to pay for it. That said, there’s no underlying foundation to the price, and using it in commerce would have to mean using large amounts to pay for anything.
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