The Winklevoss’ bitcoin exchange is pushing into banking with a new savings product

The Winklevoss’ bitcoin exchange is pushing into banking with a new savings product

Cameron (L) and Tyler (R) Winklevoss.Adam Jeffery | CNBC Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is launching a savings scheme for its U.S. users.From Tuesday, the Gemini app will add a new service called "Earn" that lets clients move their holdings in cryptocurrencies like bitcoin, ether and litecoin into interest-bearing accounts.Gemini says it will offer rates of up to 7.4% APY (annual percentage yield). For comparison, that's more than 100 times the national average of 0.05% on savings accounts in the U.S."This product is available for all 26 cryptos that Gemini supports," Noah Perlman, Gemini's COO told CNBC in an interview. "And it's the only cryptocurrency exchange that offers the opportunity for users to earn crypto in every state in the U.S., including New York."Gemini is a New York trust company regulated by the New York State Department of Financial Services. The company says it's able to offer such rates by lending out crypto to institutional borrowers through lending partners like Genesis Global Capital in exchange for interest payment.There is high demand for crypto among institutional borrowers who use it to fund their operations and investment strategies. They are willing to pay competitive market rates to