Cryptocurrency exchange Gemini has announced that it will introduce staking rewards for users in the US, Singapore and Hong Kong.
The news comes ahead of an anticipated merge for the Ethereum blockchain which will switch the proof of work concept to the more energy-efficient proof of stake model, making the Ethereum network more environmentally friendly.
The merge has been delayed several times over the past two years, but it is now set for September 15.
Gemini revealed the function on Thursday. It already supports MATIC on Polygon with further launches, including DOT, SOL, AUDIO and ETH, all coming in the next couple of months, the company confirmed.
Gemini vice president of product Layla Amjadi argued that investor interest driven by the merge was one of the reasons why Gemini is pushing ahead with this move.
“With Ethereum being a staking option for them on Gemini soon and after the merge, and with there being more liquidity and higher yields, staking is becoming more and more appealing for people”, Amjadi explained.
Consumers will be able to stake and unstake cryptocurrencies as they see fit while Gemini will cover any associated gas fees and costs.
Gemini hopes that by doing this it will make it easier for institutional and retail investors to claim staking rewards.
In a way, Gemini follows in the footsteps of rivals such as Binance, Kraken, Crypto.com and others who have introduced staking rewards as a solution.
If you do not wish to stake your cryptocurrencies, you can use it to wager instead at great websites such as 1xBit, Bitcasino or fortuneJack.