Cryptocurrency exchange Gemini has introduced a new service called the Gemini Earn where crypto owners can save their tokens and earn interest from them.

According to the announcement made by the exchange on Tuesday, savers can earn and receive up to 7.4% interest on their cryptocurrency daily.

Crypto traders on the Gemini platform can easily move any crypto they possess from their wallets into the Gemini Earn account, and can also transfer it back with earned interests any time they want without any hidden charges.

“Interest is paid daily and will start at 4pm ET on the next business day after funds are moved to Gemini Earn,” the statement read.

Gemini’s statement which stated that it has partnered with full-service digital currency prime broker Genesis and other accredited third party borrowers. Through this partnership, lenders will be able to lend the cryptocurrency saved on the Gemini Earn.

The current price of bitcoin is $36,162.89, climbing up by 2.50% in the last 24 hours. Bitcoin has a current market cap of $673.26B and market volume of $48.04B. In the last 24 hours, bitcoin has dropped to $34,441.42 and experienced a $36,883.45 high.  Currently, 18,618,100 bitcoins are in circulation.

Stats and Image from Coin Desk

Gemini said the new service will be available in all the states in the U.S, claims that it is the first of its kind to be offered by any crypto exchange or financial institution.

“No other cryptocurrency exchange or financial institution offers the opportunity for users to earn interest on cryptocurrency in every state, including New York,” the announcement read.