Crypto exchange Gemini, led by Cameron and Tyler Winklevoss, continues to expand its services globally and now offers Ethereum staking in the UK for the first time.
On June 23 to leave Gemini officially announces the expansion of Staking Pro to the United Kingdom (UK). The service allows companies and high-net-worth individuals to become Ethereum validators by staking a minimum of 32 Ether (ETH), which equates to around $60,000 at press time.
The institutional ETH staking program offered by Gemini Trust is now available via the Gemini website, the company said.
At the time of publication, Gemini Staking Pro was the only staking product available in the UK. According to Gemini Support, the UK is the only country offering enterprise staking.
The Gemini Staking Pro service is currently available in the US (excluding New York), Singapore, Hong Kong, Australia, Brazil and 30+ countries.
However, Gemini’s staking services are not regulated by the UK’s Financial Conduct Authority (FCA), the announcement said.
Gemini also insists that the platform will reimburse investors for “certain penalties associated with staking.”
Looking at the challenges of running a validator node, Gemini points to “small mistakes” that can result in fines imposed by the network and even the loss of stakeholder crypto funds, referred to as “slashing”. The company promised to help stackers avoid this problem:
“At Gemini we simplify the staking process for you. As Gemini runs on verified nodes, users can invest their assets with high confidence and without any technical knowledge.
The news comes as Ethereum developers plan to increase the maximum amount of Ether required to become a validator from 32 ETH to 2,048 ETH, which is equivalent to USD 3.9 million at the time of writing. The minimum staking amount will be 32 ETH.
As Cointelegraph previously reported, US-based crypto exchange Gemini is currently facing a lawsuit from the US States Securities and Exchange Commission. The regulator believes Gemini breached securities regulations by issuing unregistered securities as part of its crypto revenue accounts called Gemini Earn. Shortly after the SEC sued Gemini, the company announced plans to expand into the Asia-Pacific region.
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