- Gemini Staking platform supports staking MATIC on Polygon network
- The platform simplifies staking and promises to cover costs related to staking
- VP of Product at Gemini expects staking to be more appealing with “The Merge” and the facilitation of Ethereum on Gemini at hand.
Gemini, a certified crypto exchange and custodian, has launched the Gemini Staking platform, which supports staking MATIC on the Polygon network. It further expects to support currencies like Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Audius (AUDIO) in the near future.
Gemini revealed that it had taken the necessary steps to simplify the steps involved in staking, while it too claimed that it would reimburse penalties imposed by validators. The company went on to say that it would cover infrastructure costs, gas fees, slashing penalties related to staking, and even manage the private keys with its reliable industry-leading security features.
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.
The launch of Gemini Staking comes during a critical stage—The Merge—where Ethereum moves from an energy-consuming mechanism, proof-of-work, to an energy-efficient proof-of-stake mechanism.
While commenting on the coincidence of the Merge and Gemini’s accommodation of Ethereum around the corner, Kengne said that with more liquidity and higher yields, staking has become more enticing to the people.
Gemini’s Vice President of Product, Layla Amjadi, said that the interest of investors for staking driven by the Merge played an integral role in introducing the Gemini platform.
Gemini’s support service will be available in the US except in New York, Singapore, and Hong Kong, where stringent laws and regulations prohibiting staking are in effect.