Gemini launches Ethereum staking service in the United Kingdom

The cryptocurrency exchange Gemini announced the expansion of its staking Ethereum program to the United Kingdom.

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 high-net-worth clients and institutions, allowing staking from 32 ETH (about $60,000 at the time of writing). The staking program’s interface is already available in the exchange app.

The company clarified that the new services are not regulated by the UK’s Financial Conduct Authority. Representatives of Gemini also promised to reimburse clients for ‘certain penalties imposed in connection with staking’.

According to the statement, the exchange will configure bespoke Ethereum validators for each Staking Pro client.

“Small mistakes can lead to sanctions by the network and even to loss of staked coins (usually called ‘slashing’). This can make staking a daunting task for newcomers. […] Thanks to Gemini running the validator nodes, users can stake their assets with greater confidence and without technical know-how,” the announcement said.

Staking Pro is available in Singapore, Hong Kong, Australia, Brazil, the United States (excluding New York) and more than 30 other countries. The service is the sole Ethereum staking product in the United Kingdom, and it is designed for institutions.

According to Glassnode, at the time of writing about 22.5 million ETH were staked. According to TokenUnlocks, 51,780 coins are in the withdrawal queue — $96.9 million.

Earlier in May, Gemini founders Cameron and Tyler Winklevoss stated they planned to open a second headquarters for the company in London. They said the decision was driven by the ‘hostile’ regulatory climate in the United States.