Gemini was founded back in 2015 by the Winklevoss twins...ya know, the tall twins played by Armie Hammer in the Social Network movie.
Background: Gemini is the crypto exchange that allows customers to buy, sell and store digital assets. It was founded back in 2015 by the Winklevoss twins (ya know, the tall twins played by Armie Hammer in the Social Network movie).
What happened: Last month, CommBank made a minority investment in Gemini...and now, they're planning to launch a new income product called Gemini Earn here in Oz.
What else: Gemini Earn will be a lending program where you can lend your personal crypto...and earn interest in return. We're talkin' anywhere between 2% for Bitcoin...up to 7% for other coins.
💡Decentralised finance is like a financial system...but for cryptocurrency. It uses smart contracts on the blockchain to allow people to lend or borrow money from one another and trade crypto... No need to rely on brokers or banks to earn interest in savings-like accounts.
💡It's never really been possible to be remunerated for owning crypto...it's just been an asset, like gold, where you rely on its value appreciating.
💡So, decentralised finance makes crypto assets more valuable...because you can now hold on to them and earn interest on them. But there's definitely more risk involved!
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