Gemini Terminates Master Loan Agreement, Escalates Dispute With Genesis

• Gemini terminated the master loan agreement between its customers and Genesis, officially ending Gemini Earn.
• This move requires Genesis to return all assets outstanding in the program and is an escalation of a dispute between the two companies.
• Genesis released a statement saying they do not agree with everything Gemini has said and are disappointed by the public media campaign.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has taken a major step in its ongoing dispute with Digital Currency Group’s (DCG) Genesis Global Trading. On Tuesday, Gemini announced the termination of its Gemini Earn program, which had been in operation for nearly two years. The move requires Genesis to return all assets outstanding in the program, ending the master loan agreement between the two companies’ customers.

Gemini sent an email to customers explaining the decision to terminate the agreement and the implications it had for the Earn program. In the email, Gemini emphasized that existing redemption requests would not be impacted by the termination and would continue to be fulfilled by Genesis. The email also noted that the termination was an escalation of the dispute between Gemini and Genesis.

In response to Gemini’s decision, Genesis released a statement saying that they did not agree with everything Gemini had said and were disappointed by the public media campaign. The statement added that the process of returning all outstanding assets would take some time, but that Genesis was committed to working with Gemini to resolve the issue in a timely manner.

The dispute between Gemini and Genesis is part of a larger battle between the Winklevoss twins and DCG, with the two companies competing for dominance in the cryptocurrency landscape. With the termination of the Earn program, Gemini is hoping to gain a competitive edge over Genesis and other crypto firms in the space. It is yet to be seen how this move will affect the rivalry between the two companies, but it is clear that Gemini is not backing down from the fight.