The New York-based crypto exchange said its staking service will allow customers to stake their cryptocurrencies and receive rewards within their Gemini account. 

See related article: Gemini sued over US$36 mln Bitcoin and Ethereum hack

Fast facts

  • Gemini Staking will be available for users across the U.S. (excluding New York), Singapore, and Hong Kong, the crypto exchange said on its website.
  • As of today, users can start staking MATIC, ETH, SOL, and DOT tokens. Support for Audius’ AUDIO token will also be launched soon.
  • “Staking is an important aspect of crypto and we want to ensure that we provide a robust suite of products and services that enable our users to interact, in a secure and safe manner, with the wider crypto ecosystem,” Feroze Medora, MD for APAC at Gemini told Forkast.
  • Staking involves crypto holders locking up their funds for a determined period of time, in exchange for staking rewards. This secures proof-of-stake-based blockchain networks like Cardano and Solana.
  • Gemini aims to simplify staking for users, who can pledge their crypto directly within the app. “Staking may seem like a daunting task for users who do not have the technical expertise to select and run their own validator nodes,” wrote Medora.
  • Staking is the second yield-generating product launched by the Winklevoss Twins-led crypto exchange, following Gemini Earn.
  • Gemini’s initiative came amidst a new wave of interest toward staking thanks to Ethereum’s transition to proof-of-stake. “The upcoming Merge has definitely caused the proof-of-stake model to gain further popularity amongst crypto investors,” wrote Medora.

See related article: SEC scrutinizing crypto lending by Celsius, Gemini, Voyager: reports