Gemini cryptocurrency exchange, owned by Cameron and Tyler Winklevoss, continues to actively expand its services around the world, debuting Ethereum in the UK.
On June 23, Gemini officially Announced the expansion of Gemini Staking Pro in the UK. The service allows high net worth institutions and individuals to become Ethereum validators by locking up at least 32 Ether (ETH), worth around $60,000 at the time of writing.
Provided by the Gemini Trust Company, the institutional ETH staking program is immediately available on Gemini’s web interface, the firm noted.
At launch, Gemini Staking Pro is the only staking product available in the UK. According to Gemini Support, the UK is the only Gemini coverage country where the platform careers institutional participation exclusively.
The Gemini Staking Pro service is currently available in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries.
Gemini’s staking services are not regulated by the UK Financial Conduct Authority, according to the announcement.
Gemini also mentioned that the platform will reimburse punters for “certain penalties imposed in connection with participation.”
Related: Bitcoin’s ‘Great Accumulation’ Has Begun, Says Gemini’s Winklevoss
Citing challenges related to running a validation node, Gemini referred to “small mistakes” that can lead to penalties imposed by the network and even the loss of staked tokens, known as “cuts.” The firm promised to help stakeholders avoid this problem, stating:
“At Gemini, we make the participation process simple for you. With Gemini running the validation nodes, users can stake their assets with more confidence and without technical knowledge.”
The news comes amid core Ethereum developers planning to increase the maximum amount of Ether required to become a validator from 32 ETH to 2,048 ETH, worth approximately $3.9 million as of this writing. The minimum amount of participation would remain at 32 ETH.
As Cointelegraph previously reported, US-based cryptocurrency exchange Gemini is currently facing a lawsuit from the US 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 being sued by the SEC, Gemini announced plans to expand into the Asia-Pacific region.
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