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Gemini, a cryptocurrency exchange, has announced that it would accept staking, enabling its users in the US, Singapore, and Hong Kong to earn rewards on qualified crypto assets. Before the release of the Gemini Staking platform, users had to natively enter the blockchain in order to stake their tokens and receive rewards for verifying different blockchain networks. In the beginning, Gemini will support Polygon, with future intentions to include Ethereum, Solana, Polkadot, and Audius. The news from Gemini comes as other cryptocurrency companies increase their staking options in advance of the eagerly anticipated Merge of the Ethereum blockchain.
In their statement, Gemini said that customers who use their service will experience a reduction in technological needs. Gemini will pay for gas fines, slashing penalties, and infrastructure expenditures. Additionally, it provides an institutional approach to security as opposed to requiring people to control their own keys.
It is unclear if Gemini intends to operate its own validator nodes or if it will collaborate with outside validators.
Gemini's Product Manager, Franck Kengne, announced the new function as follows: "The introduction of Gemini Staking demonstrates our dedication to continuing to provide a wide range of cutting-edge choices for our customers to use their crypto assets. Staking is a crucial advancement in our ongoing search for innovative approaches to assist our customers in expanding their cryptocurrency portfolios and customising them to their risk tolerance."
This statement comes three weeks after Coinbase stated on August 1 that it would be expanding its Coinbase Prime staking options to accommodate Ethereum post-proof-of-stake merging. Coinbase Prime is a product oriented toward institutional investing. In the unlikely case that it is forced to censor Ethereum, Coinbase did recently declare that it would prefer to stop offering its staking service.
In subsequent months and years, several cryptocurrency exchanges like Binance, Kraken, FTX, Kucoin, and Crypto.com have also launched staking services.
