Gemini crypto exchange announces staking for Polygon

• Gemini Staking adds to the yield-generating offering Gemini Earn launched in February 2021.
• Staking will be available for US customers (excluding New York) as well as Singapore and Hong Kong.
• The product will support MATIC before adding ETH, SOL, DOT and AUDIO.

The Gemini crypto exchange has launched its staking feature and will support multiple cryptocurrencies for customers in the United States (except for New York), Hong Kong and Singapore.

The company, one of the earliest in the industry and which is regulated in the US and other jurisdictions, unveiled the Gemini Staking product on 18 August 2022. 

Now customers can stake their tokens and receive staking rewards in their accounts on the exchange, the firm said in its blog announcement.

Staking for MATIC on Polygon

Staking is one of the ways for crypto holders to earn rewards on their tokens, which is possible via proof-of-stake (PoS) consensus mechanism platforms.

As opposed to mining on proof-of-work (PoW) networks like Bitcoin, PoS networks allow token holders to participate in transaction processing and network security by pledging their tokens to validators or running their own nodes.

Gemini will initially support staking for MATIC, the native token of the Polygon network. Later, the platform plans to add support for leading smart contracts blockchain Ethereum (ETH) – which is set to transition to PoS via the ‘Merge’. 

Other network tokens Gemini is looking to support are Polkadot (DOT), Solana (SOL), and Audius (AUDIO).

The launch of staking adds to Gemini’s yield-generating offering Gemini Earn, which was launched in February 2021. Earn allows customers to generate yield on their crypto through interest paid on loaned assets.