Gemini Earn Is Being Owed $900 Million By Genesis : Perfect Time To Be Grateful For HBD Savings

The FTX collapse once again has cause a massive disruption in the market, the market is like dominoes, one slip, the rest pieces will fall apart, then it will take some time to recover. One of the affected areas is gemini, not directly but indirectly. Gemini is a crypto exchange that offers an earring program which is directly associated with genesis, a crypto loaning platform. But it seems like the FTX collapse really had a great effect on the crypto loaning platform Genesis. They had about over $100 Million invested in FTX which can not be obviously accessed which then affected their withdrawal process. They couldn’t process withdrawals because there was no liquidity to approve the the withdrawal transactions. Thereby affecting Gemini earnings, all the Gemini earning investors haven’t been able to withdraw their earnings because it has been paused.

source
Now this is another effect of centralization, one mistake has caused many people a lot of loss. I don’t use the Gemini earn but I would like to know, did Gemini inform the investors that their money will be invested in Genesis. Because, you can’t invest your money in a platform because you think it’s a low risk investment only to hear they got invested in another higher risk investment but end up giving you a peanut interest rate. So you think you avoided the banks, other financial institutions because of their low interest rate while they use your money to create wealth for theirselves, only to invest in a centralized crypto platform and end up putting your assets in more danger. Decentralization has always been the key, if only they can find the right decentralized platform to invest in.

This is where the Hive dollar comes to play, it’s decentralized, when you invest in the blockchain like buying HBD and putting them in the HBD savings, your money is not being invested in some centralized platform by anyone. Your money is being invested in the blockchain safe guarded by codes and programs, no one can pause your withdrawal, deposit or interest. The best part of this is that the interest is higher than other centralized platforms, HBD savings gives a 20% APR which is also auto compounded and can be withdrawn anytime.

Posted Using LeoFinance ^Beta