Gemini exchange launched a staking program called Gemini staking, which allows customers to lock up their assets within their accounts and earn rewards or interest.
– The program enables investors to seamlessly stake any crypto amount without fees and receive staking rewards in their Gemini account.
– Gemini said customers can begin staking MATIC on The Polygon network, with plans to support Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Audius (AUDIO) will take place next month after The Merge goes live.
– Layla Amjadi, Vice President of Product at Gemini, said that customers interest influenced by The Merge was The key to The companys move to launch its staking services.
– staking is Central to proof-of-stake consensus mechanisms, whereby users pledge crypto to validate transactions on a blockchain network securely. Once validated, users who have staked their crypto receive tokens as a reward.
– Gemini said The staking Service is available to users across The United States (excluding new York, where local laws prohibit staking), Singapore, and Hong Kong.
– The firm said The staking program protects customers staked assets by reimbursing them for penalties imposed by malicious validators on their staked tokens. Gemini will cover any expenses associated with The staking and de-staking processes.
– Geminis staking launch comes as other crypto firms are establishing their offerings to create opportunities for retail and institutional customers to collect staking rewards.