Gemini Introduces Ethereum Staking in the UK
The Winklevoss twins’ cryptocurrency exchange Gemini is continuing to grow its services globally, introducing Ethereum staking in the United Kingdom.
On June 23, Gemini declared the extension of Gemini Staking Pro in the United Kingdom. This service enables organizations and high-net-worth people to become Ethereum validators by locking up a minimum of 32 Ether (ETH), valued at roughly $60,000 at the present time.
Gemini Trust Company announced that its institutional ETH staking program is now accessible on the Gemini web interface.
At the start, Gemini Staking Pro is the sole staking product accessible in the United Kingdom. As per Gemini Support, the U.K. is the only country in Gemini’s coverage region where the platform offers institutional staking solely.
The Gemini Staking Pro service is now available in the United States (with the exception of New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries.
Gemini’s staking services are not subject to regulation by the Financial Conduct Authority of the United Kingdom, the announcement states.
Gemini stated that they will compensate stakers for any penalties associated with staking.
Gemini Facing SEC Lawsuit, Expanding to Asia-Pacific Area
Gemini’s Winklevoss has declared that the “Great Accumulation” of Bitcoin has started.
Referring to the difficulties associated with operating a validator node, Gemini mentioned “minor errors” that can result in penalties imposed by the network and even the forfeiture of staked tokens, known as “slashing.” The company promised to assist stakers in avoiding this problem, saying:
The announcement has been made while Ethereum core developers are proposing to raise the minimum amount of Ether needed to be a validator from 32 ETH to a maximum of 2,048 ETH, which is currently valued at roughly $3.9 million. The minimum staking amount, however, would remain at 32 ETH.
The U.S. Securities and Exchange Commission (SEC) is taking legal action against the American cryptocurrency exchange Gemini for allegedly breaking securities regulations by providing unregistered securities through its lending platform, Gemini Earn. This news was previously reported by Cointelegraph. In response to the lawsuit, Gemini has announced its intention to extend into the Asia-Pacific area.
Magazine: Bitcoin is heading towards a potential ‘Net Zero’ outcome.
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