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HomeBTCLeading cryptocurrency exchange Gemini announces new staking rewards programme for their customers

Leading cryptocurrency exchange Gemini announces new staking rewards programme for their customers

Customers from the United States, Singapore, and Hong Kong who use the Gemini cryptocurrency exchange will soon have the chance to earn staking rewards and keep them in their Gemini accounts because of the exchange’s new support.

On Thursday, the company starts supporting staking MATIC on the Polygon network. Over the course of the next several months, the company will also roll out support for ETH, AUDIO, SOL, and DOT.

Gemini’s announcement comes as other cryptocurrency companies are expanding their staking offerings in preparation for the highly anticipated Merge of the Ethereum blockchain. This change will move the protocol from a proof-or-work model to a proof-of-stake model, which is both faster and more energy-efficient. The Merge is finally set to take place on September 15, after being delayed for a number of years.

According to Layla Amjadi, Vice President of Product at Gemini, the amount of investor interest generated by the Merge was a significant factor in the company’s decision to launch its staking services.

According to Amjadi, Gemini’s support services will soon provide consumers the ability to stake and unstake any quantity of cryptocurrency free of charge. Slashing protection and other recovery chances for penalties incurred during the staking process will also be made available by the company, in addition to covering the expenses of related infrastructure and gas prices involved with staking and unstaking.

There will be support for the service available in Singapore and Hong Kong in addition to the United States, with the exception of the state of New York, which has regulations that restrict staking.

Gemini’s growth is a part of a larger drive by major cryptocurrency exchanges to expand options for regular and institutional investors to receive staking rewards. This push has been going on for quite some time.

Coinbase (COIN), Binance, Kraken, and have all introduced staking services of some type. Coinbase Prime made the announcement earlier this month that it will add Ethereum to its expanding number of staking choices for U.S. domestic institutional customers in advance of the Merge.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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