Crypto exchange Gemini is working with Genesis and Digital Currency Group (DCG) in an effort to find a solution for Earn redemption. The move will focus on allowing users to redeem their funds from Gemini’s Earn product.
Gemini confirmed the news with a tweet, “This remains our highest priority and we understand Genesis and DCG remain committed to exploring every possible option to fulfill their obligations to Earn users.
Gemini previously said that it would not be able to meet customer redemptions in the service-level agreement’s time frame of five days. However, with its recent tweet, it has assured its customers that it will come up with a solution in the coming days.
Genesis is the lending partner of Earn and DCG is its parent company. As the crypto market is surrounded with chaos, Genesis has warned potential investors that it may need to file bankruptcy and is struggling to raise new funds for its lending unit.