U.S.-based crypto exchange Gemini has launched its interest-bearing product in Hong Kong.
“Gemini Earn” enables customers to receive up to 8.05% annual percentage yield (APY), according to a press release on Tuesday.
The exchange supports interest-bearing APY for up to 39 different assets with the highest rate provided by Gemini’s own stablecoin, GUSD.
Jeremy Ng, managing director of Gemini Asia Pacific, told CoinDesk via Telegram Tuesday that the move was part of the exchange’s expansion into Asia.
“It’s important to provide our customers here with access to products and tools to help them along their crypto journey,” Ng said. “Gemini is committed to developing products that are customized and localized for our Asia-based customers.”
Founded in 2014 by twin brothers Cameron and Tyler Winklevoss, Gemini expanded into the Asia Pacific region last year, establishing a base in Singapore and a satellite office in Hong Kong.