Gemini Custody is the institutional cold storage solution offered by the Gemini cryptocurrency exchange. It operates as a qualified custodian under New York Banking Law and is licensed by the NYDFS.
Staking Service Details:
Supported Assets: The Gemini platform currently supports staking for Ether (ETH), Solana (SOL), and Polygon (MATIC). Availability may be restricted geographically; SOL and MATIC staking are unavailable in the UK.
Staking Yields (APY): Yields are variable and determined by network conditions and participation levels. The staking page displayed specific rates at one point: ETH 2.62%, SOL 1.96%, MATIC 0.62%. These rates appear relatively low compared to general market expectations or rates cited by other providers.
Conditions & Features:
Integration: Staking is managed via the standard Gemini website or mobile app interface.
Tiers: Gemini offers two distinct staking models:
‘Staking’ (Basic): This is a pooled staking model with no minimum asset requirement for participation (except in the UK, where network minimums like 32 ETH apply). Rewards are distributed proportionally among participants. Users cannot track their specific validator performance on-chain, and rewards are aggregated.
‘Staking Pro’: This model involves segregated staking, likely corresponding to running dedicated validators. It requires meeting the network’s minimum staking amount (e.g., 32 ETH). Rewards are not shared, and users gain access to on-chain validator information and reward payment details. Rewards are sent to a segregated address. This option is available to UK customers.
Minimums: No minimum for basic staking (outside the UK); network-level minimums (e.g., 32 ETH) apply for Staking Pro.
Lock-up/Unbonding: Unbonding periods apply when unstaking assets. The duration varies by asset: approximately 4 days for MATIC and up to 14 days for ETH.
Fees: Gemini charges a 15% Staking Services Fee, which is deducted from the gross rewards earned before distribution to the user. This is separate from the Gemini Custody fees (0.4% per annum custody fee, $125 withdrawal fee).
Security: Gemini operates staking validators and offers a guarantee to reimburse users for slashing penalties incurred due to Gemini’s validation process, though not for slashing events outside their control. The platform maintains ISO 27001 and SOC 2 Type 2 certifications. The majority of platform assets are held in offline cold storage.
