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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Mike is a reporter covering blockchain ecosystems, who specializes in zero-knowledge proofs, privacy, and self-sovereign digital identification. Prior to joining The Block, Mike worked with Circle, Blocknative, and various DeFi protocols on growth and strategy.
Source: https://www.theblock.co/post/164358/crypto-exchange-gemini-announces-new-staking-rewards-service?utm_source=rss&utm_medium=rss