Gemini takes yet another step in broadening its global reach.
Gemini, a cryptocurrency exchange founded by the Winklevoss twins, unveiled the launch of the Ethereum staking service, dubbed "Gemini Staking Pro," in the United Kingdom.
According to the announcement shared on June 23rd, the specialized service lets institutions and wealthy individuals take on the role of Ethereum validators. To enroll in this initiative, entities must lock a minimum of 32 Ether (ETH).
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Blockchain Transaction Easily Explained! (Animated)
Upon the announcement, the institutional-grade ETH staking platform is ready for immediate use via the Gemini web interface and is offered by Gemini Trust Company.
Based on the announcement, Gemini is set to compensate stakers for "certain penalties imposed in connection with staking." However, the company warned soon-to-be validators about various issues that can occur when running a validator node.
The crypto exchange pointed out that even “small mistakes” may result in network-enforced penalties and the loss of staked tokens, a process referred to as "slashing."
Gemini Staking Pro marks its arrival in the UK as the first staking service available in the region. On top of that, of all the regions Gemini caters to, the UK is the only one where institutional staking is operated exclusively.
Currently, Gemini Staking Pro is available in over thirty nations, including Singapore, Australia, Hong Kong, Brazil and the United States (excluding New York).
Gemini's global expansion is slightly overshadowed by a legal dispute with the US States Securities and Exchange Commission. The regulatory body alleges that Gemini breached securities laws by offering unregistered securities via its lending platform, Gemini Earn.
Therefore, it comes as no surprise that Gemini recently announced plans to expand its presence in the Asia-Pacific region.
