In the latest announcement on the website, Gemini has ended its crypto yield product. Gemini ended the master loan agreement (MLA) between its customers and Genesis, it is reported. Gemini is asking for their total collateral to be repaid upon the termination of the partnership. Genesis is a subsidiary of Digital Currency Group, founded by Barry Silbert; Gemini is run by twin brothers Tyler and Cameron Winklevoss.
A Genesis official issued a statement that the company “does not agree with all of Gemini’s claims” and expressed disappointment that Gemini is “conducting a public media campaign despite ongoing beneficial private dialogue between the parties.” The statement said, “We are dedicated to moving as quickly as possible, but this is a very complex process that will take additional time. Silbert was charged in the letter with “engaging in bad faith stall tactics” during discussions.
