Gemini’s UK launch of Ethereum staking by Winklevoss twins.
The cryptocurrency exchange Gemini, owned by Cameron and Tyler Winklevoss, is actively expanding its services worldwide and has launched Ethereum staking in the United Kingdom.
Gemini officially announced the expansion of Gemini Staking Pro in the UK on June 23. The service allows institutions and high-net-worth individuals to become Ethereum validators by locking up at least 32 Ether (ETH), worth around $60,000 at the time of writing.
The institutional ETH staking program is provided by Gemini Trust Company and is immediately available on the Gemini web interface, the firm noted.
At the launch of Gemini Staking Pro, it is the only staking product available in the United Kingdom. According to Gemini Support, the UK is the only country of Gemini’s coverage where the platform runs institutional staking exclusively.
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The Gemini Staking Pro service is currently available in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and more than 30 other countries.
The announcement said that Gemini’s staking services are not regulated by the UK Financial Conduct Authority.
Gemini also mentioned that the platform will reimburse stakers for “certain penalties imposed in connection with staking.”
Gemini referred to “small mistakes” that can lead to network-imposed penalties and even losing staked tokens, known as “slashing,” and promised to help stakers avoid this issue.
The news comes amid Ethereum core developers planning to increase the maximum amount of Ether required to become a validator from 32 ETH to as much as 2,048 ETH, worth roughly $3.9 million at the time of writing. The minimum staking amount would remain at 32 ETH.
Gemini is currently facing a lawsuit from the US Securities and Exchange Commission for offering unregistered securities as part of its lending platform known as Gemini Earn. Shortly after getting sued by the SEC, Gemini announced plans to expand into the Asia-Pacific region.
