Gemini Starts Offering Ethereum Staking In The UK

Gemini Staking Pro allows companies in the UK to become Ethereum supporters by staking at least 32 ETH, worth up to $60,000.

Cryptocurrency exchange Gemini, owned by Cameron and Tyler Winklevoss, continues to expand its operations globally, bringing Ethereum staking to the UK. On June 23, Gemini announced the expansion of Gemini Staking Pro in the UK.

The service allows companies and wealthy individuals to become supporters of Ethereum by locking in at least 32 Ether (ETH), which is worth $ 60,000 at the time of writing. Provided by Gemini Trust, the company's ETH staking program is available directly on the Gemini web interface, the company said.

Initially, Gemini Staking Pro was the only product available in the UK. According to Gemini Support, the UK is the only country covered by Gemini where the platform only handles corporate staking.

Gemini Staking Pro services are currently available in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil and 30 other countries. The UK's financial regulator does not regulate Gemini's staking service, according to the announcement.

Gemini also said that the platform will compensate traders for "certain penalties in connection with investing."

Referring to the challenges in running the validator node, Gemini referred to "small errors" that can lead to network penalties and even the loss of staked tokens, known as "slashing." The company promises to help investors avoid this problem, saying:

“At Gemini, we make the collection process easy for you. With Gemini leveraging support nodes, users can place their assets with more confidence and without technical expertise. » The news comes as Ethereum developers plan to increase the maximum amount of Ether required to become a sponsor from 32 ETH to 2,048 ETH, which amounts to about $3.9 million at the time liberation. The minimum bet amount will be 32 ETH.

US-based crypto exchange Gemini is currently the subject of a US Securities and Exchange Commission lawsuit. The regulator believes Gemini breached securities laws by offering unregistered securities through a lending platform known as Gemini Earn. Shortly after the SEC filing, Gemini announced plans to expand into the Asia-Pacific region.