Digital Assets: Solana (SOL) Staking Now Available on Gemini

Digital asset firm Gemini is pleased to announce that clients are now able to stake Solana (SOL) through Gemini Staking, allowing users to seamlessly receive SOL staking rewards in their Gemini account.

Gemini Staking now “supports staking for Ethereum (ETH), Polygon (MATIC), and Solana (SOL).”

As clarified in the announcement, SOL staking is “not available to users in the United States or the United Kingdom.”

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.”

As noted in the update, there are challenges “associated with staking, including selecting or running your own validator node and protecting your private keys to ensure the validators are always connected to the network.”

Small mistakes can “lead to network-imposed penalties and the loss of staked tokens.”

At Gemini, they claim 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.
  • 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.

You can learn more about how staking and Proof-of-Stake blockchains work here.

Gemini added that they’re pleased to “continue building out a robust suite of products that enhance your crypto experience as they advance their mission to unlock the next era of financial, creative, and personal freedom.”

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