Cryptocurrency exchange Gemini, led by Cameron and Tyler Winklevoss, continues to actively expand its services globally and is now offering Ethereum stakes in the UK for the first time.
On June 23rd Leave Gemini officially announces the expansion of Gemini Staking Pro into the United Kingdom (UK). The service allows institutions and high net worth individuals to become an Ethereum validator by wagering a minimum of 32 Ether (ETH), which is equivalent to about $60,000 at press time.
Institutional ETH staking software offered by Gemini Trust is now available via Gemini’s website, according to the company.
At the time of launch, Gemini Staking Pro is the only staking product available in the UK. According to Gemini Support, the UK is also the only country where the platform exclusively supports institutional betting. Offers.
Gemini Staking Pro is currently available in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil and more than 30 other countries.
However, the announcement said that Gemini’s staking services are not regulated by the UK’s Financial Conduct Authority (FCA).
Gemini also asserts that the platform will compensate investors for “certain penalties that may be associated with risks.”
Looking at the challenges associated with running a verification node, Gemini points to “small mistakes” that can lead to penalties imposed on the network and even the loss of cryptocurrency monies, which they refer to as “slashes.” The company promised to help dealers avoid this problem, saying:
“At Gemini, we simplify the caching process for you. With Gemini running verification nodes, users can invest their assets with more confidence and without any technical knowledge.”
The news comes as Ethereum developers plan to increase the maximum amount of Ether required to become a validator from 32 ETH to as much as 2,048 ETH, which at the time of writing is roughly the equivalent of $3.9 million USD. The minimum storage amount will remain at 32 ETH.
As previously reported by Cointelegraph, the US-based Gemini exchange is facing a lawsuit from the US Securities and Exchange Commission. The regulator believes that Gemini violated securities regulations by offering unregistered securities as part of its cryptocurrency earnings calculations, known as the Gemini Earn. Soon after Gemini was sued by the Securities and Exchange Commission, the company announced plans to expand into the Asia Pacific region.
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