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You have questions ?
We have answers.

Q
What is decentralised finance (DeFi)?
A
Decentralised finance (or DeFi) refers to financial applications built on blockchain technologies. Decentralised finance is a new technology that allows users to interact as peers through algorithms or smart contracts. This provides an alternative to traditional intermediaries, such as banks, brokerages, and insurance companies. Some of the well known examples of decentralised finance protocols are Aave, Compound, Maker DAO, Curve Finance, and Uniswap.

Q
What is centralised finance (CeFI)?
A
Centralised finance is a financial practice within the cryptocurrency sphere that allows users to earn interest and get loans on their digital assets (such as Bitcoin, Ethereum, USDT, and USDC). This occurs through a centralised platform, which may be managed by a person or group of people. Usually, these platforms fall within the jurisdiction of a financial technology (fintech) company. Some of the well known examples of centralised finance platforms are Nexo and BlockFI.

Q
What are stable coins?
A
Stable coins are a type of cryptocurrency. Their value is tied to an outside asset, such as US dollars or gold, to stabilise the price.

Q
What stable coins do I purchase through geminio?
A
At Geminio, we believe that not all stable coins are created equal. That’s why we only offer two selected stable coins through Geminio. The first is USDP (or Pax Dollars). USDP reserves are held in cash and cash equivalents, meaning consumer funds are kept safe, secure, and available for redemption at all times. In addition, USDP is subject to strict regulatory oversight by the New York State Department of Financial Services, which affords the highest standards of consumer protection. The second is USDC (USD Coin). It is fully backed by cash and short-dated U.S. government obligations, so that it is always redeemable 1:1 for U.S. dollars. Each month, Circle (company owns and manages USDC) publishes attestation reports by Grant Thornton ( a well known accounting firm) regarding the reserve balances backing USDC.

Q
How do centralised finance platforms provide high yields?
A
Most centralised platforms are able to pay high yields because they invest deposits to earn even bigger returns. These platforms also have access to resources (such as quantitative traders, algorithms, and actuaries) and complex, profitable income generating opportunities that traditional investors usually do not have access to (such as (institutional lending and margin trading).

Q
What is the role of geminio?
A
Geminio’s platform enables you to convert your fiat currencies to asset backed cryptocurrencies like stable coins. You will then be able to deposit them to DeFi and CeFi protocols like Aave, Compound, Gemini, and Crypto.com, all from within the one platform.

Q
Is geminio registered and compliant?
A
Geminio is an Australian crypto start-up that is registered with the Australian Securities & Investments Commission (ACN Number 68 657 023 919). Geminio is also partnered with DCX Direct, a digital currency exchange based in Brisbane that allows users to buy and sell digital currencies. DCX Direct is registered with AUSTRAC as a digital currency exchange and remittance service provider. AUSTRAC Account number: 100409247

Q
How will the stable coins I purchase be stored?
A
Geminio has partnered with Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks is SOC 2 Type II certified and completes regular pen testing from ComSec and NCC Group. Their platform will act as a qualified custodian to ensure the safe storage of your stable coins.

Please note that the stable coins you purchase through the digital currency exchange will only be stored in Fireblocks temporarily. The majority of the time, they will be deployed to DeFi and CeFi platforms immediately on your request.

Funds invested in DeFi/CeFi protocols are not insured through Fireblocks or any other insurance scheme.

Q
From what I know, blockchain transactions are public by default. How does geminio safeguard my privacy ?
A
We understand that confidentiality and privacy are vital to finance. That’s why we’ve developed a methodology using industry best practices (using a combination of hashing, encryptions, and zk-SNARKs etc) to protect your identity and the privacy of all transactions. We will only disclose transactions or personally identifiable information to regulators and third parties with legislative authority.

Q
What is the best way to protect my geminio account?
A
Here are some safety tips that we recommend you follow to ensure your account is as protected as possible:
  • Change the password associated with your email address to a unique and strong password
  • Use a password with a minimum length of 8 or more characters
  • Include lowercase and uppercase alphabetic characters, numbers, and symbols in your password
  • Generate a password randomly
  • Avoid using the same password twice (e.g. across multiple user accounts and/or software systems) Change the password associated with your Geminio account to a unique and strong password (note: if your account is registered via social sign-up, this is not necessary). Ensure you use a unique and strong PIN (i.e. not birthdays, important dates, etc.)`
  • You will begin to earn rewards just 24 hours from the time you transferred funds to the investment account.`
  • KYC stands for “Know Your Customer”. This is an important part of protecting our community against money laundering, and any bad players entering our ecosystem.

Q
When do I start earning rewards?
A
You will begin to earn rewards , after 24 hours from the investment (geminio will send a notification to you once the funds are received and invested).

Q
What is KYC? Why do I have to submit identification documents to verify my account?
A
KYC stands for “Know Your Customer”. This is an important part of protecting our community against money laundering, and any bad players entering our ecosystem. The reason why submitting documentation as proof of identity is so important is because it discourages attempts to commit financial crimes or engage in other illegal activities. In addition, algorithmic platforms (including Geminio) are legally required to collect this data from their customers.

Q
What information do you need in order to complete my KYC verification?
A
When verifying your Geminio account, you will need to provide the following personal information:
  • First name
  • Last name
  • Residential address
  • Country of citizenship
  • A photo or scan of a government-issued identity document (e.g. passport or driver’s licence)
  • Once your ID has been verified, you will be able to start using your Geminio account.

Q
How long does verification take? What do I do if it takes longer than expected?
A
Most KYC applications are approved within minutes, when a high-quality photo or scan of your supporting document is provided. High-quality means that the image is high-resolution, not blurry, no corners are cut off, no text is blocked, and there is no glare. However, applications can sometimes take up to 24 - 72 hours (during weekdays) to process. If your application has been pending for over 72 hours, you can reach out to verifications@geminio.io to follow up on the status of your verification.