Gemini Launches Ethereum Staking Program in the UK
Gemini, the leading cryptocurrency exchange, has unveiled its Ethereum staking program in the United Kingdom under the name Gemini Staking Pro. This initiative allows institutions and high-net-worth individuals to participate as validators on the Ethereum blockchain.
The introduction of the Ethereum staking program in the UK is part of Gemini’s broader expansion strategy, which already includes the United States (excluding New York), Hong Kong, Brazil, Singapore, Australia, and over 30 other countries.
Gemini users who possess a minimum of 32 ETH can utilize the dedicated validator nodes on the Ethereum network through the exchange’s web user interface. The exchange is also preparing to provide in-app support for this functionality.
To address potential risks and issues faced by Ethereum staking program clients, Gemini, which is owned by the Winklevoss twins, has pledged to reimburse users for penalties imposed by the network. This offer is extended to users who may lack the technical expertise and inadvertently make errors during the staking process.
Gemini aims to simplify staking by assuming the responsibility of operating the validator nodes. Users can stake their assets with greater confidence, benefiting from the decentralization aspect of Ethereum while leveraging the reliability of Gemini’s platform.
Gemini emphasizes that the primary requirement for using the Ethereum staking program is owning or purchasing a minimum of 32 ETH.
In the future, the threshold for setting up validator nodes may see an increase. Ethereum core developers recently proposed a plan during a consensus meeting to raise the staked ether requirement by 64 times, from 32 ETH to 2048 ETH. However, the minimum amount required would remain at 32 ETH. This change is aimed at addressing the inflationary impact on the validator set size while still maintaining network decentralization.
Gemini continues its expansion efforts amid regulatory scrutiny faced by crypto firms in the United States. The exchange has expanded into the United Arab Emirates, Singapore, and Europe.
Additionally, Gemini is currently facing legal action from the U.S. Securities and Exchange Commission (SEC) over allegations of offering unregistered securities to retail investors through the Gemini Earn Program.
