Gemini has launched staking for Solana and Ethereum for UK users, enabling them to earn passive income through the Gemini app.
Staking is part of the Proof-of-Stake consensus mechanism, in which users can deposit crypto to validate transactions on a blockchain network, gaining crypto in return as a reward. Previously, staking on Gemini has only been available to UK users who staked at least 32 ETH through Staking Pro. Through the new solution, Gemini Staking, can stake with any amount of the SOL or ETH, earning up to 6% APR for SOL and a variable rate for ETH.
Staking on Gemini
Staking can be a complex process, as it takes place on a decentralised platform and requires technical skills to manage a crypto wallet, validate blocks, and claim yield. Gemini aims to simplify this process and allow customers to generate staking rewards on a secure and regulated platform. Companies of any size can take advantage of the simplified access to the decentralised system of staking if they complete their account application and start accruing rewards.
The new solution allows for flexible staking pools so users can stake any amount with rewards granted automatically. Gemini focuses on enabling its clients to earn passive income in simple, high-reward ways. Users can check their daily staking APR within the app, and benefit from institutional-grade security measures and secure custody of assets, so they don’t have to worry about private key management.
To get started, users enter the app, navigate to the Explore tab, select their desires cryptocurrency, click the Trade button, and choose Stake. On a web browser, users directly select the Stake tab and choose between SOL and ETH. Additionally, stakers can use their already existing assets, or purchase more with a one-off or recurring payment.
