Leading cryptocurrency exchange Gemini has announced the launch of its Ethereum (ETH) staking program in the United Kingdom. Dubbed Gemini Staking Pro, the product will enable institutions and high-net-worth individuals to run validators on the Ethereum blockchain.
The development aligns with Gemini’s expansion plans, as the staking program is already live in the United States (except New York), Hong Kong, Brazil, Singapore, Australia, and over 30 other countries.
Gemini Unveils ETH Staking Pro in the U.K.
The crypto staking product will enable Gemini users with 32 ETH or more to run dedicated validator nodes on Ethereum through the exchange’s web user interface while the firm prepares for the upcoming in-app support.
The Winklevoss twins-owned crypto trading platform has promised to reimburse Staking Pro clients whose assets are slashed as network-imposed penalties, as it believes they may lack technical know-how, leading to “small mistakes” in the staking process.
“At Gemini, we simplify the staking process for you. With Gemini operating the validator nodes, users can stake their assets with more confidence and without the technical know-hows. In fact, Gemini will reimburse you for certain penalties imposed in connection with staking. It’s the best of both worlds – the benefit of decentralization with the power of Gemini,” the exchange said.
Gemini noted that the only criteria required to use the Staking Pro product are clients’ holding or buying at least 32 ETH.
Validator ETH Limit May Increase
While users currently only need 32 ETH to set up validator nodes on the Ethereum blockchain, there may soon be an increase in the limit of coins required for such operations. During a consensus meeting last week, Ethereum core developers proposed a plan to increase the number of staked ether needed to become a validator by 64x, from 32 ETH to 2048 ETH, while the least amount would remain at 32 ETH.
Ethereum Foundation researcher Michael Neuder, who made the proposal, said the current limit caused an inflation of the validator set size even though it made the network more decentralized.
Gemini Continues Expansion
Gemini has doubled down on executing its expansion plans as regulators in the United States continue to crack down on firms in the local crypto industry. The exchange has stretched to the United Arab Emirates, Singapore, and Europe.
Meanwhile, Gemini is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) for allegedly offering unregistered securities to retail investors through the Gemini Earn Program.
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