Monat: Mai 2024

• Gemini Earn users get $2.18 billion in digital assets back, which represents a 232% recovery.
• Users will receive 100% of their crypto back, with the initial distribution representing 97% of Earn users’ assets.

Gemini has announced that its customers of its Gemini Earn program have received $2.18 billion worth of digital assets.

The distribution is in kind and represents a 232% recovery for Earn users, Gemini co-founder and CEO Tyler Winklevoss and co-founder and President Cameron Winklevoss said in a news release.

Gemini Earn users get $2.18 billion in digital assets

Per Gemini‘s announcement, the $2.18 billion distribution accounts for 97% of the digital assets owed to Gemini Earn’s users. The initial payout is $1 billion on more, or 232% recovery on users’ digital assets following Genesis’s halting of withdrawals and bankruptcy.

Commenting on the payment in kind, Gemini noted that a customer who deposited one bitcoin receives one bitcoin back. Gemini has also assured Earn users that they will receive “any and all appreciation” of their digital assets from the time they lent them into the program.

A long wait

Crypto lender Genesis halted withdrawals in November 2022, a development that followed the shocking collapse of cryptocurrency exchange FTX. Genesis revealed it had significant exposure to the imploded crypto exchange.

While crypto prices plummeted amid the chaos that followed, including Bitcoin’s dive to lows of $15,600, the past two years have seen BTC prices skyrocket.

In March this year, Bitcoin rose to a new all-time high above $73,000. The top digital asset traded around $22,700 when Genesis filed for Chapter 11 bankruptcy plan in January 2023.

Gemini Earn’s users are getting their digital assets back after a US bankruptcy judge approved Genesis Global’s chapter 11 wind-down early this month.

Earn users to receive 100% of their assets

In February, Gemini announced that it would return 100% of users’ assets following a settlement with Genesis and the bankrupt crypto lender’s other creditors.

According to today’s announcement, users should expect the balances within the next 12 months.

“It’s important to note that the Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity,” Gemini CEO Tyler Winklevoss said.

The exchange reportedly contributed $50 million towards the Earn recovery.

The post Gemini Earn users get $2.18 billion in crypto, representing 232% recovery appeared first on CoinJournal.

• PayPal USD (PYUSD) is now live on the Solana blockchain.
• Users can buy PYUSD via PayPal, Venmo, Crypto.com, Phantom and Paxos.

PayPal USD (PYUSD), the stablecoin that payments giant PayPal launched in August 2023, is now live on Solana.

Users on Solana can buy PYUSD via PayPal and Venmo wallets. Also announced as the first providers to allow fiat-to-crypto purchases for the stablecoin are Crypto.com, Phantom and Paxos.

PayPal brings PYUSD to Solana

PayPal announced the availability of PYUSD on Solana at Consensus 2024 kicked off on May 29 in Austin, Texas, with the stablecoin’s launch on the blockchain coming several months after the initial rollout on the Ethereum mainnet.

According to a press release, the Paxos-issued stablecoin will leverage Solana to drive further adoption across commerce and payments.

Features that the PayPal USD team looked at in their decision to integrate Solana include cost-effectiveness, high transaction throughput, settlement speed and token extensions.

The expanded functionality will bring fast and secure stablecoin payments via PYUSD to the more than 30 million merchants, PayPal said in a news release published on Wednesday.

“Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce & payments,” Jose Fernandez da Ponte, PayPal’s SVP for Blockchain, Crypto & Digital Currencies, said in a statement.

PayPal eyes growing stablecoin market

The launch of PYUSD on Solana sees PayPal join Visa, WorldPay and Stripe among other top financial institutions that currently tap into Solana’s blockchain technology. The stablecoin’s support on Solana will therefore be key to PayPal and Paxos’s mission to make PYUSD a global leader in the stablecoin market.

Having a faster and cheaper stablecoin experience is an important aspect of this endeavour.

While Solana has previously suffered negativity amid network outages, its growth and stability have been steady. The network’s capacity for up to 65,000 transactions per second at negligible costs contrasts with Ethereum’s relatively slow 15 transactions per second performance. Fees on Ethereum are also way higher compared to Solana’s.

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” Sheraz Shere, the general manager of payments at the Solana Foundation, said.

According to Shere, the continued adoption of new payment solutions by industry behemoths like PayPal is helping push fintech innovation to the next level.

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