In response to increased pressure from the U.S. Securities and Exchange Commission (SEC), US-based crypto exchange Gemini has accelerated its expansion plans outside of the US, launching its first overseas service in Switzerland. Among its new offerings, Gemini has introduced staking services for Ethereum (ETH) and Polygon (MATIC) to Swiss users. The major crypto exchange announced this development via its official Twitter account, with a statement emphasizing the global nature of cryptocurrencies and staking.
Gemini’s Swiss Staking Service
“Cryptocurrency is global! So is Gemini Staking. Expanding to this region is a significant and symbolic milestone as we continue to broaden our product suite worldwide,” the announcement read.
Further, Gemini recognized Switzerland’s positive regulatory environment and its importance in Ethereum’s history. “Switzerland, the birthplace of Ethereum, thanks to its forward-thinking and friendly approach to regulation. In 2014, the Ethereum Foundation was established in the Canton of Zug, and the Foundation launched Ethereum in 2015,” Gemini added.
Notably, the SEC has recently classified MATIC as a security in its ongoing lawsuits against Binance and Coinbase, making Gemini’s decision to offer MATIC staking in Switzerland significant.
About Gemini Staking
Staking is a process in which individuals lock their cryptocurrencies in a digital wallet to support a blockchain network’s operations and security. Participants become part of the network’s consensus mechanism by staking their coins or tokens, contributing to the verification of transactions and governance processes on the network. With Gemini Staking, users can earn staking rewards while participating in the blockchain ecosystem.
Typically, the staking process, performed on a decentralized platform, requires technical skills to manage the crypto wallet, verify blocks, and claim rewards. Gemini simplifies this complex process with its Gemini Staking product, offering users a regulated platform to earn staking rewards from a decentralized system.
