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Gemini in Switzerland with ETH and MATIC Staking

Expansion plans of US-based crypto companies and exchanges outside the US gained momentum after the US Securities and Exchange Commission (SEC) increased its pressure on the cryptocurrency sector and sued Binance and Coinbase for violating securities laws. Gemini exchange announced that it has launched its first service outside of its country, in Switzerland.

Trying to expand outside the US, Gemini exchange has launched its Ethereum (ETH) and Polygon (MATIC) staking service in Switzerland. The giant cryptocurrency exchange announced the development on Twitter:

We are thrilled to announce that ETH and MATIC Staking are now available in Switzerland!

Thanks to its forward-thinking and friendly approach to regulation, Switzerland became the birthplace of Ethereum after @VitalikButterin set up the Ethereum Foundation in the Canton of Zug in 2014 and the foundation launched Ethereum in 2015.

Crypto is global! And so is Gemini Staking. Expanding to this region is an important and symbolic milestone as we continue to expand our product suite to the world.

On the other hand, there is an important detail in the fact that Gemini has started to offer its staking product with MATIC together with ETH in Switzerland. The SEC classified MATIC as a security in its lawsuits against Binance and Coinbase.

Staking is the process by which individuals lock their cryptocurrencies by transferring them to a digital wallet to support the operations and security of a Blockchain network. By staking their coins or tokens, participants become part of the network’s consensus mechanism and contribute to the verification and governance processes of transactions in the network. With Gemini Staking, one of the crypto products offered by the Gemini exchange, users can gain staking rewards through cryptocurrencies while being included in the Blockchain ecosystem.

While the staking process, which usually takes place on a decentralized platform, requires technical skills to manage the cryptocurrency wallet, verify blocks and claim rewards, Gemini makes this whole complex process extremely simple for users with its Gemini Staking product. Gemini Staking simplifies the process for users while allowing them to receive staking rewards from a decentralized system on a secure and regulated platform.

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