Gemini Exchange Introduces Staking Services For Polygon (MATIC)

Gemini Exchange Introduces Staking Services For Polygon (MATIC)
  • There will be less technological requirements for its staking users.
  • Gemini will pay for improvements to the infrastructure, as well as gas expenses.

On August 18, Gemini finally began its staking process. Gemini said in a release that the MATIC token issued by Polygon can be staked and eligible for rewards. It also said that staking for Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Audius (AUDIO) is coming soon.

All of the tokens are among the 15 biggest cryptocurrencies by market cap, with the exception of Audius. The business compared staking to Gemini Earn, another platform that pays interest on deposited cryptocurrency. When it comes to its Earn service, Gemini works with third-party borrowers, but when it comes to its staking service, the profits will come from the validity of blocks on the blockchain.

Exchanges Adopting Staking Feature

There has been some confusion over whether Gemini would operate its own validator nodes or whether it will instead collaborate with third-party validators. Gemini emphasizes that there will be less technological requirements for its staking users. Gemini will pay for improvements to the infrastructure, as well as gas expenses and fee reductions. As an alternative to having users handle their own keys, it provides an institutional method of security.

Gemini staking may be placed in Singapore, Hong Kong, and the USA (except for New York). Gemini is one of the world’s oldest and most well-known exchanges. But its trading volumes are low: $52 million in 24 hours, compared to the hundreds of millions or billions that its rivals handled in the same time frame. Staking services have recently been implemented by a number of cryptocurrency exchanges, including Coinbase, Binance, Kraken, FTX, Kucoin, and Crypto.com. 

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