How to stakeWelcome to Kafycrypto, your number-one crypto news, and Web3 marketing agency. In this article, you’ll be learning how to stake crypto on Gemini platform.
It’s safe to say that almost every crypto investors want a way to earn interest on their crypto investment seamlessly.
However, there are many ways to go about this, and one most common and popular way is “Staking”.
Staking helps you to earn interest with your crypto asset, but it requires some additional work and also an adequate amount of assets.
However, we’ve seen different crypto platforms that remove the burden from their user’s necks by allowing them to participate in the staking and earn rewards without bothering about the requirements for it.
One of these platforms is the Gemini exchange platform. Are you eager to know how to stake crypto on Gemini? Then, follow me as I walk you through a step-by-step guide to staking crypto assets on the Gemini platform.
Before then, it’s essential to know what Gemini exchange is all about and how Gemini staking works.
I’ll be walking you through the step-by-step guide to using the Gemini exchange platform without getting frustrated by the complicated crypto features.
What Is Gemini?
Launched in 2015, Gemini exchange is a cryptocurrency platform that enables its users to easily buy and sell crypto assets.
It’s considered the most secure crypto exchange as it prioritizes the users’ funds by reserving insurance of over $200 million.
Gemini is also a cryptocurrency exchange platform that has gained so many crypto enthusiasts’ trust since it was licensed, in 2016, as the Ethereum exchange in the USA. It was also licensed to be the world’s first Zcash trading sale in 2022.
Over the years, Gemini has been upgrading its system and also offers a wide array of services for crypto users. It has also secured partnerships with different prominent companies to facilitate better security and provide services.
To also make the platform safe for users, it partnered with NASDAQ. According to a report, the partnership will help Gemini to combat fraudulent activity in the platform, and most importantly, get rid of market manipulation on the open market in the platform.
How To Receive Crypto On Gemini
The first thing you’d want to do after learning about Gemini and the amazing services it offers to users – is to register an account with the exchange platform.
After that, the next thing you want to do to start enjoying the features and services of the Gemini exchange is to deposit a crypto asset on your account by receiving crypto from another place to your registered Gemini account.
However, most people don’t know how to receive crypto on the Gemini exchange platform. And I’ll be doing justice to that with the guides below:
- The first paramount thing to consider before thinking of receiving crypto to your Gemini account is to make sure you verify your identity on the account.
You can do this by navigating to the “verify your identity” section on your account dashboard. Only your ID and selfie are required to use the platform with no restrictions.
- After verification, you need to navigate to the deposit page on your account dashboard and select the type of crypto asset you want to receive in your Gemini account.
Let’s say it’s Bitcoin you want to receive, select “BTC” and then copy the wallet address given to your account.
- After you’ve copied the wallet address, then send it to anyone who wants to send “BTC” to your Gemini account, or you use the wallet address as a recipient of withdrawal from your other cryptocurrency wallet or exchange platform.
And boom! You’d receive the crypto asset (BTC) in your Gemini account after successful confirmation on the blockchain network. This method is also applicable to other crypto assets that are available on Gemini, and it can also be utilized in the same way on other crypto exchange platforms.
Gemini Earn Vs Staking
Now that you’ve been able to create and verify an account on the Gemini platform, and also done the first step in enjoying the Gemini platform products and services – which is “depositing a crypto asset”.
The next thing you would want to do is to learn how Gemini products and services work. The prominent products and services of the Gemini platform are the Gemini Earn and Staking.
However, there’s been many misconceptions that both services are the same – which is not.
So, what’s the difference between Gemini Earn Vs Staking? Let’s get on with it.
Gemini Earn is a product created by the New York regulated crypto exchange platform (Gemini) to allow its users to earn interest on their cryptocurrency asset by lending it to borrowers on the platform.
Gemini staking is another product of the Gemini exchange platform that makes it easy for users to enjoy the reward of operating a node on a POS (proof-of-stake) blockchain network without actually validating transactions on the blockchain.
According to Gemini, staking on the PoS blockchain to validate transactions on the network may seem daunting, and that’s true. It’s also complicated and it requires an adequate amount of the blockchain native asset to operate a node.
Hence, Gemini takes the responsibility for its users by allowing them to take part in validating transactions on the prominent blockchains with just their asset (any amount) and without bothering to operate any node.
However, users rely on and trust their funds on the Gemini node operation. Gemini platform rewards their users that partake in the Staking product with up to 4.6% APY interest with zero gas fees and other benefits as seen in the image below.
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How To Stake Crypto Gemini
After understanding how Gemini staking works, what you need to know next is how to stake crypto on Gemini. So below is the easy step-by-step guide:
- By now, you should have been able to deposit crypto into your Gemini account if you followed the guides above. So, open the Gemini app on your phone and navigate to the “Grow” tab. Then, switch to “Staking” as illustrated in the image below.
- Then, select the crypto you’d like to stake on the Gemini staking product. However, there is only two available crypto to stake – which are Polygon (Matic) and Ether (ETH).
- If you select “Polygon”, you must have Matic tokens in your Gemini account. Then all you have to do is to click the “Stake” button and enter the amount of the Matic token you want to stake.
Can You Stake Ethereum On Gemini?
Yes, Ethereum is also available in Gemini staking products. However, if you select “Ether”, you won’t be able to unstake until the Ethereum blockchain network upgrade.
Check out: Best ways to earn free crypto
How To Convert Crypto On Gemini
Since only Ether and Polygon is available on Gemini stealing product, you won’t be able to stake any other crypto asset.
So, in case you deposit crypto to your Gemini account (through the guide provided in this article), and the crypto asset isn’t Ether or Matic; then you need to convert the deposited asset to either ETH or Matic. That’s why you need to also know how to convert crypto on the Gemini platform.
To convert crypto on Gemini, navigate to the “Market” tab and click on the crypto asset you want to have in your wallet that you want to convert.
Then click on the “Trade” button and select “Convert”. After that, select the crypto asset you want to receive by clicking the “To” tab and click on “Review Order’ to confirm that you want to execute the action. Your crypto-asset would be converted to the other asset you selected immediately.
Also read: How Is Blockchain Different From Traditional Database Models
How To Trade Crypto On Gemini
Even though the Gemini exchange platform allows you to convert one crypto to another seamlessly, the number of cryptocurrency pairs available in this “Convert” feature is limited.
This is why the “Trade” feature is also available on the platform.
Having been verified on the Gemini platform, you should have been able to also link your bank account. Trading on Gemini is based on “buying and “selling”
So, to understand how to trade crypto on Gemini, follow the guides below:
- Navigate to the “Market” tab (as illustrated with the image above), and also select the crypto you want to buy or sell.
- Click on “Buy”, and then it would ask you whether you want to buy at once or you want to select “recurring buy”. Select your choice and enter the amount of the crypto asset you want to buy or sell and click on the “Continue” button.
- On the next page, select your preferred payment method, and review and confirm the order; the asset will be bought on your account or either sold to USDT.
We’ve discussed the step-by-step guide to go about staking on the Gemini platform, and by now, you should have been able to know how to stake crypto on Gemini without encountering any issues.
We also covered easy guides to navigating through different Gemini products and features.
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