JAKARTA - US-leading crypto exchange company Gemini is reportedly experiencing financial difficulties. This condition forced its two founders to inject funds into Gemini's crypto exchange as part of efforts to recover the crypto platform's finances.
According to Bloomberg reports, Tyler and Cameron▁Tawvoss, founder of Gemini Trust Co., have loaned $100 million to Gemini's crypto exchange to help address the financial difficulties it faces as a result of the sluggish crypto market.
Previously, Gemini had tried to raise funding from external investors over the past few months, but these efforts were fruitless.
Despite Gemini's pressure, the crypto exchange recently announced its plans to launch an international crypto derivative exchange that will offer futures-perpetual.
This type of derivative is prohibited in the United States for retail customers because it does not have an expiration date and can be traded with significant leverage, thus becoming a high-risk investment instrument.
Meanwhile, Gemini Earn user, a yield-producing product from the stock exchange, has been most affected by the fall of Sam Bankman-Fried's crypto exchange, FTX. FTX's fall caused a domino effect that affected a number of leading crypto businesses in the industry, one of which was Genesis Global.
Genesis Global was Gemini's only partner for its Earn loan program. However, the longstanding partnership became bitter when Genesis frozen customer withdrawals last November as a result of FTX's collapse.
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