Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, continues to expand its services worldwide. The exchange recently introduced Ethereum staking in the United Kingdom through its Gemini Staking Pro program.
On June 23, Gemini officially announced the expansion of Gemini Staking Pro in the United Kingdom. This service allows institutions and high-net-worth individuals to become Ethereum validators by locking up at least 32 Ether (ETH), valued at approximately $60,000. The institutional ETH staking program, provided by Gemini Trust Company, is immediately available on the Gemini web interface.
Gemini Staking Pro is currently the only staking product available in the United Kingdom. According to Gemini Support, the United Kingdom is the only country where Gemini exclusively offers institutional staking among its coverage. However, the Gemini Staking Pro service is available in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries.
Notably, Gemini’s staking services are not regulated by the U.K. Financial Conduct Authority, as mentioned in the announcement. Gemini also assures stakers that it will reimburse certain penalties associated with staking.
Gemini acknowledges the challenges faced by running a validator node and the potential risks involved. Even minor mistakes can result in penalties imposed by the network or even the loss of staked tokens, known as “slashing.” To mitigate this issue, Gemini promises to simplify the staking process by operating the validator nodes on behalf of users. This approach allows users to stake their assets with more confidence and without requiring technical expertise.
The launch of Ethereum staking on Gemini comes at a time when Ethereum core developers are discussing plans to increase the maximum amount of Ether required to become a validator. The proposed increase would raise the stake from 32 ETH to potentially as much as 2,048 ETH, which is valued at approximately $3.9 million. However, the minimum staking amount would remain at 32 ETH.
It’s worth noting that Gemini is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) over its lending platform, Gemini Earn. The SEC alleges that Gemini violated securities regulations by offering unregistered securities. Despite this legal challenge, Gemini recently announced plans to expand its operations into the Asia-Pacific region, indicating its commitment to further growth and development in the cryptocurrency industry.
Overall, Gemini’s expansion of Ethereum staking into the United Kingdom demonstrates its dedication to providing innovative services to customers worldwide. By simplifying the staking process and extending its reach, Gemini aims to attract both institutions and high-net-worth individuals looking to participate in cryptocurrency staking. As the industry evolves and regulatory frameworks continue to develop, Gemini remains at the forefront of the digital asset ecosystem, offering reliable and secure services to its global user base.
