Cryptocurrency exchange Gemini backed by billionaires is opening staking pools for 5 altcoins. It looks like the stock market is preparing for Ethereum investors before the merge.
Gemini introduces staking for its millions of users
Gemini plans to capitalize on the increased user interest before Ethereum transitions to PoS in the near future. The cryptocurrency exchange, run by the Winklevoss brothers, has announced new stake pools for its millions of users. Starting Thursday, MATIC staking will be available on Gemini. The following cryptocurrencies are currently in preparation.
- Polygon (MATIC) staking is already available and open to users.
- Support for ETH, AUDIO, SOL and DOT will be added in the next few months.
Big move from Gemini for 5 altcoins
Staking for popular cryptocurrencies such as Audius (AUDIO), Solana (SOL), Ethereum (ETH), and Polkadot (DOT) will be launched in the coming vulnerabilities. Gemini officially launched Polygon (MATIC) staking on August 18.
Cryptocurrency exchange begins preparations before the merger
The statement from Gemini comes as other cryptocurrency exchanges increase their staking offerings ahead of the merge, which will transform the protocol from PoW to a faster, more energy efficient PoS model. As you can follow from the cryptokoin.com news, the Ethereum merge is scheduled to take place on September 15, after years of delay. According to Gemini Vice President of Product Layla Amjadi, investor interest generated by the merge played an important role in the company’s decision to launch staking services. Amjadi made the following statements in his statements on the subject:
It is now clearer than ever that people are interested in staking, especially as the Ethereum merge approaches. Staking is becoming more and more attractive to individuals. Ethereum will be a staking option for investors. Soon and after the merge there will be more liquidity and bigger returns in Gemini.
According to Amjadi, users will be able to stake without paying any fees thanks to Gemini’s support services. In addition, the exchange will not charge for cancellations if users give up. Gemini offers recovery opportunities for slashing protection and staking procedure penalties. The company will also cover infrastructure costs and gas fees related to staking and unstake.
Support for the service will be available in the US outside of New York, where local laws prohibit staking. The firm plans to roll out the service in Singapore and Hong Kong soon. Gemini’s growth is part of a larger initiative by cryptocurrency exchanges to give institutional and individual investors the ability to earn staking incentives. Various types of staking services are offered by Coinbase (COIN), Binance, Kraken, and Crypto.com. Coinbase Prime announced this month that it will add Ethereum to an increasing number of staking options for US domestic institutional customers ahead of the Merger.
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