Winklevoss twins’ cryptocurrency exchange Gemini continues to actively expand its services across the world, debuting Ethereum staking in the United Kingdom.
On June 23, Gemini officially announced the expansion of Gemini Staking Pro in the United Kingdom. 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.
Provided by Gemini Trust Company, the institutional ETH staking program is immediately available on the Gemini web interface, the firm noted.
At launch, Gemini Staking Pro is the only staking product available in the United Kingdom. According to Gemini Support, the U.K. is the only country of Gemini’s coverage where the platform runs institutional staking exclusively.
The Gemini Staking Pro service is currently live in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil and more than 30 other countries.
Gemini’s staking services are not regulated by the U.K. Financial Conduct Authority, the announcement notes.
Gemini also mentioned that the platform will reimburse stakers for “certain penalties imposed in connection with staking.”
Citing challenges related to running a validator node, Gemini referred to “small mistakes” that can lead to network-imposed penalties and even losing staked tokens, known as “slashing.” The firm promised to help stakers avoid this issue, stating:
“At Gemini, we simplify the staking process for you. With Gemini operating the validator nodes, users can stake their assets with more confidence and without the technical know-hows.”
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.
As previously reported by Cointelegraph, the U.S.-based crypto exchange Gemini is currently facing a lawsuit from the U.S. States Securities and Exchange Commission. The regulator believes that Gemini has violated securities regulations by 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.