Gemini Staking Support Launches
Gemini, a New York-based crypto exchange, has announced that it will offer staking support for its investors, particularly those in Hong Kong, Singapore, and the US.
This means that platform users can participate in staking rewards for MATIC on the Polygon network. It will also roll out support for DOT, SOL, AUDIO, and ETH in the coming months. This move is expected to help bolster Gemini's goal of becoming the world's most trusted and regulated digital asset platform.
It aims to provide greater returns on investment for its users. Several exchanges are looking to add staking services. This follows Ethereum 2.0 replacing Proof-of-Work (PoW) with a faster and more energy-efficient Proof-of-Stake (PoS) system on 15 September.
Layla Amjadi, Vice President of Product for Gemini, said that "the firm's decision to introduce staking services was driven by investor interest in the merge". The VP further told CoinDesk that it has become abundantly clear that Gemini staking is something people are interested in, especially with Ethereum's recent merge.
It provides more liquidity and higher yields, making it a more desirable option. The company will pay for the infrastructure and gas needed to stake and unstake, as well as penalties that might be charged in the process.
Should you consider Gemini staking?
There are reasons you might want to stake your coins:
• It's a great way to earn passive income, rather than just holding your coins and waiting for them to appreciate in value.
• When you stake, you help to secure the network and encourage more people to participate in its governance.
How to stake coins on Gemini
If you would like to stake your cryptocurrencies on Gemini, you need to do a few things.
• You'll need to create an account on the platform and verify your identity.
• Deposit the cryptocurrencies that you want to stake into your account. Once your coins have been deposited, you can begin earning rewards.
The addition of staking services by Gemini comes at a time when more and more exchanges are looking into similar offerings. They include; Binance, Huobi Global, Bitmax, OKEx, Gateio, KuCoin, Coinex, and Bibox.
This increasing competition is likely driven by the recent attractive returns generated by PoS networks. For example, Cosmos' ATOM token holders can earn an annualized return of up to 50%.
Gemini staking support is another example of the exchange's commitment to providing a well-rounded user experience. Offering this service makes it easier for investors to earn a passive income from their digital assets. And with more assets expected to be added, the platform will become one of the go-to exchanges for crypto stakers.
Author: Boboye Adeyemi
Adeyemi is a content writer/marketer with a year of experience writing quality content for various clients & brands in the cryptocurrency, blockchain, and technology industries. Adeyemi has experience in social media management/marketing, email marketing & SEO services.