Gemini, a New York-based crypto exchange, has shown full support for the Ethereum community while outlining plans to launch Ethereum 2.0 staking/trading as soon as possible. Following an official announcement on 17 December, the exchange has decided to allow its customer to earn from the latest network upgrade of Ethereum.
Since the launch of Beacon Chain at the beginning of this month, Ethereum 2.0 has seen significant growth. The Ethereum community has staked nearly 900,000 ETH before the launch of Beacon Chain, which is more than the initial requirement of 524,288 ETH. However, the latest data provided by Etherescan shows that Ethereum supporters have staked more than 1.5 million ETH with a total value of about $1 billion.
Excerpts from the official post made by Gemini exchange:
“This month marked the momentous launch of Ethereum 2.0 Phase 0. While the full implementation of Ethereum 2.0 will roll out in phases, we plan to support ETH2 trading and staking as soon as possible. Ethereum is an innovative blockchain that has pioneered decentralized applications, including finance (DeFi). Therefore, we look forward to supporting the Ethereum community and new developments as ETH2 transitions get the recognition it deserves. We also plan to provide our customers with the ability to access and earn from the latest developments in cryptocurrency.”
While Bitcoin records an ATH, the Ethereum network already started its transition from the current proof-of-work protocol to a more reliable and improved proof-of-stake network with the introduction of Beacon Chain. The massive upgrade in the network has also attracted many institutional investors.
The Managing Director of Grayscale Investments, Michael Sonnenshein, has reported a growing interest in Ethereum-related investment products. And this growth is due to its efficiency and other network functionalities.
Meanwhile, Gemini’s interest in Ethereum 2.0 staking is just the tip of the iceberg of what the network holds for the ever-growing crypto industry and the global economy in 2021.