Gemini, a New York trust company founded by Tyler and Cameron Winklevoss and regulated by the New York State Department of Financial Services, is launching a savings scheme for its U.S. users called “Earn.” This service lets clients move their holdings in bitcoin and other cryptocurrencies into interest-bearing accounts, according to a report in CNBC.
Gemini says it will offer rates of up to 7.4% APY, which is 100 times the national average of 0.05% on savings accounts in the U.S.
The savings program will only be available to U.S. clients, not international markets like Canada and Britain. Gemini already rolled out its services in the U.K. last year, after obtaining an electronic money license from the Financial Conduct Authority.
Gemini said in the report that its Earn feature would let customers save with no minimum balance required to get started and no fees to transfer or redeem funds. The company plans to offer interest on its dollar-pegged stablecoin, the Gemini dollar, in the coming months.
Offering services like lending and savings in crypto indicates a shift in an industry mostly known for investing.