Gemini founders Tyler Winklevoss (L) and Cameron Winklevoss (R) onstage during TechCrunch Disrupt, New York, May 6, 2015. Noam Galai/Getty Images for TechCrunch
Cryptocurrency exchange Gemini has launched a new feature that will allow its customers to stake their crypto and earn rewards directly in their Gemini accounts, the company said in a press release on 18 August.
According to the announcement, Gemini Staking will initially support staking of MATIC on the Polygon network, with the company planning to add support for Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Audius (AUDIO) over the next months. The exchange’s new product will be available to Gemini customers in the United States — with the exception of New York, where staking is prohibited — Singapore, and Hong Kong. Gemini’s product manager, Franck Kengne, said in a statement:
“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 and staking is an important next step in that evolution.”
The company noted that Gemini Staking was designed to simplify the process, enabling its customers to stake and unstake any amount of crypto without fees in “just a few steps”, as well as improve security through the use of the exchange’s in-house security features. Co-founder Cameron Winklevoss explained on Twitter that the feature was launched in response to a growing interest in staking from Gemini’s community.
In order to make the process less intimidating for its customers, Gemini will also cover any expenses associated with staking. It has also implemented a slashing protection, which will reimburse customers for “certain penalties” that could be imposed during the staking process.