Gemini Launches Ethereum Staking in the UK, Expands Global Services

Last updated on May 3rd, 2024 at 08:17 pm

Gemini has begun offering Ethereum staking to its users in the UK as part of its efforts to diversify its offerings and reach more people worldwide.

On June 23, 2023, the crypto exchange officially launched Gemini Staking Pro in the UK, allowing institutions and high-net-worth individuals to participate as validators on the Ethereum network. This new service requires users to lock up a minimum of 32 ETH, equivalent to approximately $60,000 at the current market value.

Gemini Staking Pro is the sole staking product currently offered in the UK within Gemini’s coverage, exclusively supporting institutional staking in this region, as confirmed on Gemini Support’s webpage.

While the staking services provided by Gemini are not regulated by the UK’s Financial Conduct Authority, the exchange assured stakers that they will be compensated for certain penalties imposed in connection with staking.

Gemini acknowledged the potential risks of operating a validator node, such as fines or loss of staked tokens due to network slashing. The exchange noted that it is committed to supporting stakeholders and simplifying the staking process for users in order to mitigate these challenges.

This expansion by Gemini indicates its global ambitions, as Gemini Staking Pro is already available in the United States (excluding New York) and other countries, including Singapore, Hong Kong, Australia, Brazil, and more than 30 other nations.

The announcement also comes at a time when Ethereum core developers are discussing the possibility of increasing the minimum amount of Ether required to become a validator. Currently set at 32 ETH, there are considerations to raise this threshold to a maximum of 2,048 ETH, equivalent to nearly $3.9 million at the time of writing. However, the minimum stake would remain at 32 ETH.

In a separate development, the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Gemini, alleging that the American cryptocurrency exchange violated securities laws by including unregistered securities on its Gemini Earn lending platform. Despite this legal action, Gemini has expressed its intentions to expand its presence in the Asia-Pacific region.

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