Crypto exchange Gemini has announced support for staking, allowing its users across the US, Singapore and Hong Kong to earn rewards on eligible crypto assets. Ahead of the Gemini Staking product launch, users will have to go seamlessly on-chain to stake their tokens and earn rewards for validating various blockchain networks. Gemini will support Polygon initially, with plans to support Ethereum, Solana, Polkadot and Audacious in the future. Gemini’s announcement comes as other crypto firms expand their staking offerings ahead of the much-anticipated merger with the Ethereum blockchain.
Gemini In his declaration it is stated Users who do share with its service will benefit from the reduced technical requirements. Gemini will cover infrastructure costs, reduction in gas charges and penalties. It also provides an institutional approach to security rather than letting users manage their own keys.
It is unclear whether Gemini plans to run its own validator node or whether it will work with external validators.
Announcing the new feature, Frank Kengne, Product Manager, Gemini, said, “The launch of Gemini Staking underscores our continued commitment to offer our customers a full suite of innovative options to make their crypto assets work. We We continue to explore new ways to help our clients grow their crypto portfolios and tailor their risk appetite – betting is an important next step in that growth.”
The announcement comes three weeks after Coinbase announced on August 1 that it would be expanding its Coinbase Prime — a product geared towards institutional investment — offerings to support Ethereum post-proof-of-stake merge. . That said, Coinbase recently said that it would prefer to shut down its staking service in the unlikely event of being forced to censor Ethereum.
Other crypto exchanges including Binance, Kraken, FTX, Kucoin, and, Crypto.com, have also launched staking services in recent months and years.