Gemini Staking Pro enables institutions in the U.K. to participate as Ethereum validators by depositing a minimum of 32 ETH, valued at approximately $60,000 at the current time.
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is making significant strides in expanding its services globally. Recently, on June 23, Gemini officially launched Ethereum staking in the United Kingdom.
This expansion of Gemini Staking Pro enables institutions and high-net-worth individuals to participate as Ethereum validators by depositing a minimum of 32 Ether (ETH), valued at approximately $60,000 at the current time.
Gemini Trust Company, the provider of the service, has made the institutional ETH staking program accessible directly through the Gemini web interface. Currently, Gemini Staking Pro is the sole staking product available in the United Kingdom. Gemini Support confirms that institutional staking is exclusively offered in the U.K. among all the countries covered by the platform.
Gemini Staking Pro is currently available in numerous countries, including the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries. The announcement clarifies that Gemini’s staking services are not regulated by the U.K. Financial Conduct Authority.
Additionally, Gemini assures users that they will be reimbursed for certain penalties related to staking on the platform.
Gemini acknowledges the difficulties associated with running a validator node, which can result in penalties and the potential loss of staked tokens known as “slashing.” To address this concern, the company pledges to assist stakers in avoiding such issues.
Gemini aims to simplify the staking process by taking responsibility for operating the validator nodes. This approach allows users to stake their assets with greater confidence, eliminating the need for extensive technical knowledge.
In the midst of this development, Ethereum core developers are considering raising the maximum requirement of Ether to become a validator from 32 ETH to potentially 2,048 ETH. At the current time, this would be valued at approximately $3.9 million. However, the minimum staking amount would still remain at 32 ETH.
Gemini, a U.S.-based cryptocurrency exchange, is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC). The SEC claims that Gemini violated securities regulations by offering unregistered securities on its lending platform, Gemini Earn. Despite the lawsuit, Gemini has announced plans to expand its operations into the Asia-Pacific region.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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