Cryptocurrency exchange Gemini has announced the expansion of its Ethereum staking program to the UK.
We’re thrilled to announce that Staking Pro is now available to users in the United Kingdom. 🇬🇧
Staking Pro is a product built for institutions and customers with 32 ETH or more.
Learn more: https://t.co/1UZwm75O5R
— Gemini (@Gemini) June 22, 2023
The Gemini Staking Pro service is designed for wealthy clients and companies, allowing you to block the amount of 32 ETH (~$60,000 at the time of writing). The interface of the betting program is already available in the exchange application.
The company clarified that the new services are not regulated by the UK Financial Conduct Authority. Gemini representatives also promised to refund customers “certain penalties imposed in connection with staking.”
According to the announcement, the exchange will set up dedicated Ethereum validators individually for each Staking Pro client.
“Small errors can lead to sanctions from the network and even to the loss of staked coins (commonly referred to as “slashing”). This can make staking difficult for beginners. […] With Gemini running the validator nodes, users can stake their assets with more confidence and without technical know-how,” the announcement reads.
Staking Pro is available in Singapore, Hong Kong, Australia, Brazil, USA (excluding New York State) and over 30 other countries. The service is the only Ethereum staking product in the UK, and it is only for institutional customers.
According to Glassnode, there are approximately 22.5 million ETH (~$42.3 billion) locked in staking at the time of writing. According to TokenUnlocks, there are 51,780 coins in the withdrawal queue — $96.9 million.
Recall that in May, the founders of Gemini Cameron and Tyler Winklevoss announced plans to open a second headquarters for the company in London. According to them, this decision was made because of the “hostile” regulatory climate in the United States.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!