The cryptocurrency exchange Gemini expressed full support for Ethereum 2.0 trading and staking. The New York-based digital currency exchange outlined plans to launch Ethereum 2.0 staking as soon as possible.
According to an official announcement on 17 December, Gemini plans to provide all its customers with an opportunity to earn from the latest network upgrade of Ethereum. Additionally, the firm showed support for the Ethereum community.
Ethereum 2.0 staking has grown significantly since the launch of Beacon Chain at the start of this month. The ETH community staked nearly 900,000 Ethereum before the launch of Beacon Chain, way more than the original requirement of 524,288 ETH.
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According to the latest data provided by Etherescan, Ethereum supporters have staked more than 1.5 million ETH with a total value of around $1 billion.
“This month marked the momentous launch of Ethereum 2.0 Phase 0. While the full implementation of Ethereum 2.0 (Eth2) will roll out in phases, we plan to support Eth2 trading and staking as soon as possible. Ethereum is an innovative blockchain that has pushed decentralized applications, including decentralized finance (DeFi), forward. We look forward to continuing to support the Ethereum community and new developments as Eth2 transitions and reaches its next milestone so that we can provide all of our customers with the ability to access and earn from the latest developments in crypto,” Gemini mentioned in the official post.
Ethereum network already started its shift from the current proof-of-work network to a more efficient and improved proof-of-stake network with the introduction of Beacon Chain. The start of a large-scale upgrade in the Ethereum network has already attracted many institutional investors. Michael Sonnenshein, Managing Director at Grayscale Investments reported a growing interest in Ethereum related investment products. One of the main reasons for the growing institutional demand for Ethereum is its network efficiency. Ethereum as an investment vehicle is gaining the attention of several Wall Street giants.