Crypto Exchange Gemini Rolls Out Staking for Polygon (MATIC), Says Support for Other Top Altcoins Coming Soon

Crypto exchange platform Gemini is rolling out staking services for blockchain scaling solution Polygon (MATIC).

The exchange is making Polygon staking available to customers in the United States (excluding New York), Hong Kong and Singapore, per a new announcement.

Gemini also plans to roll out staking for other prominent altcoins, such as Ethereum (ETH), Solana (SOL), Polkadot (DOT) and Audius (AUDIO) soon.

Says the New York-based exchange of the new feature,

“At Gemini, we simplify and secure the staking process, allowing you to stake your assets with more confidence in just a few steps. And, we protect your staked assets by reimbursing you for penalties imposed by validators on your staked tokens.”

MATIC is trading at $0.840986 at time of writing. The 16th-ranked crypto asset by market cap is down more than 4% in the past 24 hours.

Gemini is run by the famed Winklevoss twin brothers, who got their start as early Facebook developers.

The exchange has faced multiple lawsuits this summer. In early June, the Commodities Futures Trading Commission (CTFC) announced it was bringing charges against the company, alleging employees made false and incomplete statements to the agency.

Less than one week later, IRA Financial Trust, a retirement account trust firm, sued Gemini for allegedly failing to have proper safeguards in place to protect its customers’ assets.

The company also laid off around 10% of its employee roster in June, citing crypto market and macroeconomic headwinds

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Featured Image: Shutterstock/Andrey Suslov/Voar CC

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