Crypto staking reward service introduced by crypto exchange Gemini
Crypto Exchange Gemini has launched Gemini Staking on its platform, a new feature that enables customers to stake cryptocurrency assets.
Recently Gemini announced that Gemini Staking will maintain user private keys with their in-house security features, pay associated gas costs, repay users if their funds are lost including penalty for malicious validators, and cover users associated to travel expenditures. Gemini indicated that it would try to give participating validators some extra perks through its staking service. The cryptocurrency exchange pledged to pay all gas costs related to staking and unstaking. Customers in the United States can use Gemini's service to earn and save staking rewards in their accounts. Now, the company will offer staking Polygon (MATIC) on the Polygon network. Over the following few months, support will also be added for Ethereum (ETH), Audius (AUDIO), Solana (SOL), and Polkadot (DOT).
Additionally, they provide their subscribers with a reimbursement option for specific penalties like slicing. Gemini further stated that one of its objectives was to simplify the procedure for everyone wishing to participate by providing to manage private keys as well as other hazards.
Gemini further stated that one of its objectives was to simplify the procedure for everyone wishing to participate by providing to manage private keys as well as other hazards. They also want to offer yield for all validators as part of their initiative.
Before the release of the Gemini Staking platform, users had to natively enter the blockchain in order to stake their tokens and receive rewards for verifying different blockchain networks.
Investor interest sparked by the Merge, according to Gemini VP of Product Layla Amjadi, had a significant role in the company's decision to launch its staking services.
What is cryptocurrency stake?
Validating transactions on a blockchain is done by staking. Users are supposed to lock up a portion of their cryptocurrency holdings as a guarantee of integrity. Any malevolent conduct that could harm the currency as a whole is made less alluring by ensuring that potential bad actors have a stake in the overall chain. On the other hand, with each successful validation, all investors who have staked currency receive incentives, typically in the form of tokens. As a result, staking is one of the most popular ways to use cryptocurrency for passive income.
CBW - External Analyst