The team at Gemini are pleased to announce the launch of Gemini Staking, which allows you to seamlessly “receive staking rewards in [their] Gemini account.”
As of August 18, you may “start staking MATIC on the Polygon network.” Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Audius (AUDIO) support “will be launched soon.”
Gemini Staking is available “to users across the United States (excluding New York), Singapore, and Hong Kong.”
As explained in a blog post, staking is “central to Proof-of-Stake consensus mechanisms, whereby users pledge crypto to securely validate transactions on a blockchain network.” Once validated, “users who have staked their crypto receive tokens as a reward.”
Gemini pointed out that Staking may “seem like a daunting task for users who are not steeped in crypto.” There are challenges “associated with selecting or running your own validator node, ranging from protecting your private keys to ensuring the validators are always connected to the network.” Small mistakes can “lead to network-imposed penalties and the loss of staked tokens,” the team at Gemini added.
At Gemini, they aim to simplify and “secure the staking process, allowing you to stake your assets with more confidence in just a few steps.” And, they aim to “protect your staked assets by reimbursing you for penalties imposed by validators on your staked tokens.”
Gemini Staking helps customers “avoid challenges with staking” while earning rewards quickly and securely:
- Covered Infrastructure Costs and Gas Fees — Gemini will cover any expenses associated with staking and unstaking processes.
- Slashing Protection — Gemini will reimburse you for certain penalties imposed in connection with staking, such as slashing penalties.
- Institutional-Grade Security — With Gemini Staking, customers do not need to manage private keys and the associated risks, and can rely on Gemini’s industry-leading security features.
Staking is the second yield-generating product launched by Gemini, “following Gemini Earn.”
While both Staking and Earn allow you to earn yield on your crypto, “there are important differences in how those yields are generated,” Gemini’s management clarified.
As outlined, Gemini Staking offers “a seamless way to further explore the world of crypto and help secure and validate blockchain transactions, with yield generated through crypto rewards paid out to validators.”
With Gemini Earn, they partner “with accredited and thoroughly vetted third-party borrowers who deliver yield to Gemini users generated through payment of interest on loaned assets.”
Franck Kengne, Product Manager at Gemini, said:
“The launch of Gemini Staking underscores our continued commitment to offering a full suite of innovative options for our customers to put their crypto assets to work. We continue to seek out new ways to help our customers grow their crypto portfolios and tailor them to their risk appetite — staking is an important next step in that evolution.”
Gemini further noted that they are thrilled “to continue building out a robust suite of products that enhance your crypto experience as we advance our mission to unlock the next era of financial, creative, and personal freedom.”
In another update, it was noted that the crypto industry has “grown dramatically over the past decade, and while still in its infancy, we’ve already started to see crypto and blockchain incorporated into traditional financial products and services.”
At Gemini, they’re on a mission “to unlock the next era of financial, creative, and personal freedom, and [they’ve] built a crypto credit card to allow you to seamlessly get started in crypto with a swipe.”
The Gemini Credit Card can “help you invest in crypto over time and build a crypto portfolio that averages out the inevitable ups and downs in asset prices.”