May 22, 2024
Latest Cryptocurrency News

Institutional ETH Staking Launched in the UK by Winklevoss Twins’ Gemini

Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, is actively expanding its services worldwide. The company has now launched Ethereum staking in the United Kingdom.

On June 23, Gemini announced the official expansion of its Gemini Staking Pro in the United Kingdom. This service enables institutions and high-net-worth individuals to become Ethereum validators by locking up a minimum of 32 Ether (ETH), valued at around $60,000 at the time of writing. Gemini Trust Company is providing the institutional ETH staking program, and it is immediately accessible through the Gemini web interface.

Currently, Gemini Staking Pro is the sole staking product available in the United Kingdom. According to Gemini Support, the platform exclusively offers institutional staking services in the UK, distinguishing it from other countries in its coverage.

Gemini Staking Pro is already operational in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries.

It is important to note that Gemini’s staking services are not regulated by the UK Financial Conduct Authority, as stated in their announcement. However, the platform has committed to reimbursing stakers for “certain penalties imposed in connection with staking.”

Gemini acknowledges the challenges associated with running a validator node, including the potential for network-imposed penalties and the loss of staked tokens, known as “slashing,” due to minor errors. In order to assist stakers in avoiding such issues, Gemini offers to simplify the staking process by operating the validator nodes themselves, providing users with increased confidence and eliminating the need for technical expertise.

This development coincides with Ethereum core developers’ plans to increase the minimum amount of Ether required to become a validator. The proposed increase would raise the threshold from 32 ETH to potentially 2,048 ETH, valued at approximately $3.9 million at the time of writing. However, the minimum staking amount would remain unchanged at 32 ETH.

In recent news, Gemini is facing a lawsuit from the US Securities and Exchange Commission (SEC) for allegedly violating securities regulations through its Gemini Earn lending platform. Despite this legal challenge, Gemini has announced its intention to expand into the Asia-Pacific region.

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