Gemini crypto exchange will become the first staking provider in the UK
Date: 2023-06-25 Author: Karina Ziganova Categories: IN WORLD
The Gemini cryptocurrency exchange, owned by Cameron and Tyler Winklevoss, continues to actively expand its presence around the world. On June 23, the platform officially announced the launch of Gemini Staking Pro in the UK: the service allows institutions and wealthy individuals to become Ethereum validators by staking at least 32 ETH. According to the exchange's statement, the staking program is not regulated by the UK's Financial Conduct Authority.
Staking Pro will be the first staking product available to institutions in the UK. The program also operates in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and more than 30 other countries.
Gemini simplifies access to staking
Gemini also mentioned that the platform will reimburse users for "certain losses." Citing the difficulties associated with managing validator nodes, the exchange mentioned "small mistakes" that can lead to fines imposed by the network and even loss of rewards. The company promised to help stakers avoid this problem, stating:
"Gemini simplifies the staking process. Due to the fact that we manage validator nodes, users can stake assets with greater confidence and without technical knowledge."
"Gemini simplifies the staking process. Due to the fact that we manage validator nodes, users can stake assets with greater confidence and without technical knowledge."
The news comes as Ethereum developers plan to increase the maximum validator balance limit by 64 times, from the current 32 ETH to 2048 ETH.
Earlier, Gemini faced a lawsuit from the US Securities and Exchange Commission (SEC). The regulator believes that the exchange violated the rules for the circulation of securities by offering unregistered securities as part of its lending platform, known as Gemini Earn. Shortly after receiving the lawsuit from the SEC, the Winklevoss brothers announced plans to expand operations in the Asia-Pacific region.
