- In the United Kingdom, Gemini Staking Pro is the sole option for staking at this time.
- Currently, more than 30 nations have access to the Gemini Staking Pro service.
Gemini, a crypto exchange controlled by the Winklevoss twins, Cameron and Tyler, has introduced Ethereum staking in the United Kingdom.
The launch of Gemini Staking Pro in the UK was formally announced by Gemini on June 23. By securing a minimum of 32 Ether (ETH), valued at about $60,000 at the time of writing, the service enables institutions and high-net-worth individuals to become Ethereum validators.
Institutional Ethereum (ETH) staking is now accessible via Gemini’s web interface, the company said, thanks to a service provided by Gemini Trust Company.
Offering Full Support Over Issues
In the United Kingdom, Gemini Staking Pro is the sole option for staking at this time. According to Gemini Support, the United Kingdom is the only nation in which Gemini solely operates institutional staking.
Currently, more than 30 nations, including the United States (excluding New York), Singapore, Hong Kong, Australia, and Brazil, have access to the Gemini Staking Pro service. According to the announcement, Gemini’s staking services are not regulated by the UK Financial Conduct Authority (FCA).
Moreover, Gemini said that the company would compensate users for “certain penalties imposed in connection with staking.”
Gemini noted the difficulties of operating a validator node, including “small mistakes” that might result in fines from the network and even the loss of staked tokens, a phenomenon known as “slashing.” The company has pledged to assist investors in avoiding this problem.
This comes at a time when core Ethereum developers are considering raising the minimum amount of Ether needed to become a validator from 32 ETH to as much as 2,048 ETH (approximately $3.9 million). Staking would continue to need a minimum of 32 ETH.
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