Crypto exchange Gemini announces new staking rewards service
Quick Take
- Gemini announced the launch of Gemini Staking that allows users to stake crypto assets on its exchange.
- Gemini Staking will initially support Polygon, and later add support for other assets such as Ethereum and Solana.
Gemini announced the launch of a new feature called Gemini Staking that allows users to stake crypto assets.
Prior to the Gemini Staking product launch, users would have to natively go 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 Audius in the future.
Gemini stated in their announcement today, August 18 that Gemini Staking will cover associated gas expenses, reimburse users if their funds are slashed (penalty for malicious validators), and manage user private keys with their in-house security features.
This announcement comes three weeks after Coinbase announced on August 1 it would be expanding its Coinbase Prime (a product geared toward institutional investing) staking offerings to support Ethereum post-proof-of-stake merge.
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