The launch of Gemini Staking Pro in the UK provides institutions and high-net-worth individuals with the opportunity to become Ethereum validators. This is by locking up a minimum of 32 ETH, valued at approximately $60,000 at present.
Expansion of Gemini Staking Pro and Exclusive Staking Product in the UK
Gemini announced on June 23 that it has officially expanded Gemini Staking Pro to the United Kingdom. This service enables institutions and high-net-worth individuals to participate as Ethereum validators by staking a minimum of 32 Ether (ETH) through the Gemini web interface. Gemini Trust Company, the provider of the institutional ETH staking program, has made this service immediately available.
Currently, Gemini Staking Pro is the sole staking product available in the United Kingdom. Further, Gemini Support has confirmed that the institutional staking feature is unique to the UK within the coverage area of the Gemini platform.
Notably, Gemini offers staking services in the US (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries. However, the UK stands out as the only country where the platform exclusively runs institutional staking.
Gemini’s Unregulated Staking Services and Ethereum Validator Requirements
It is important to note that Gemini’s staking services are not regulated by the U.K. Financial Conduct Authority, as specified in the announcement. Nevertheless, Gemini assures stakers that it will reimburse them for certain penalties associated with staking. Running a validator node can present challenges.
This includes the risk of network-imposed penalties and the potential loss of staked tokens, also known as “slashing.” Gemini aims to mitigate these concerns and provide a simpler staking process for users by operating the validator nodes on their behalf. As a result, eliminating the need for technical expertise.
Additionally, the launch of Gemini Staking Pro in the UK coincides with Ethereum core developers considering an increase in the maximum amount of Ether required to become a validator. The proposal suggests raising the threshold from 32 ETH to a possible 2,048 ETH, equating to approximately $3.9 million at the current valuation. However, the minimum staking requirement would remain at 32 ETH.
Gemini’s Ongoing Legal Challenges and Expansion Plans
Gemini’s expansion into the UK comes at a time when the exchange is facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The regulator alleges that Gemini violated securities regulations by offering unregistered securities through its lending platform, Gemini Earn.
Despite this legal battle, Gemini recently announced its plans to further expand into the Asia-Pacific region. This further demonstrates the exchange’s determination to grow its presence globally.