1. BITBILIHome
  2. Article

Gemini expands global presence with Ethereum staking in the United Kingdom

• 54 views

TL;DR Breakdown

  • Gemini has launched Ethereum staking in the UK through its Gemini Staking Pro, expanding its global presence.
  • Users can participate as Ethereum validators on Gemini by staking a minimum of 32 ETH.
  • The UK’s Financial Conduct Authority does not regulate Gemini’s staking services, but the company promises to reimburse users for specific penalties.

Description

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has expanded its global presence by introducing Ethereum staking in the United Kingdom. The launch of Gemini Staking Pro in the UK was officially announced on June 23, marking a significant step in the platform’s ongoing expansion. To participate as an Ethereum validator on Gemini, users … Read more

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has expanded its global presence by introducing Ethereum staking in the United Kingdom. The launch of Gemini Staking Pro in the UK was officially announced on June 23, marking a significant step in the platform’s ongoing expansion.

To participate as an Ethereum validator on Gemini, users must stake a minimum of 32 Ether (ETH), equivalent to approximately $60,000 at the current market value. Gemini Trust Company, the firm’s service provider, enables institutional Ethereum Classic (ETH) staking via its web interface.

Gemini Staking Pro is the first and exclusive staking product in the United Kingdom. Notably, Gemini distinguishes itself by independently offering institutional staking to retail users in the UK and the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries.

It is important to note that Gemini’s staking services fall outside the purview of regulatory oversight by the UK’s Financial Conduct Authority, as explicitly mentioned in the company’s release. However, Gemini assures users that they will reimburse them for specific penalties associated with staking activities.

Validator node operators face various challenges, including the risk of incurring fines from the network or even losing staked tokens due to minor errors, commonly called “slashing.” Gemini acknowledges these potential pitfalls and emphasizes its commitment to assisting investors in avoiding such issues. By managing the network’s validator nodes, Gemini enables users to stake their cryptocurrency value without necessitating expertise in the technical aspects of the field.

Aspiring validators must hold a minimum of 32 ETH, equivalent to approximately $3.9 million, to participate. Ethereum’s core developers aim to raise this requirement to 2,048 ETH. However, a stake of 32 ETH is the entry threshold for staking.

With its staking services, Gemini’s expansion into the UK market represents a significant milestone. With its streamlined approach, the platform aims to make staking accessible and user-friendly for institutional and retail investors. Besides the UK, Gemini Staking Pro is available in multiple countries worldwide, allowing users to leverage the potential benefits of staking their cryptocurrency holdings.

Gemini’s introduction of Ethereum staking in the United Kingdom through Gemini Staking Pro marks an important step in the platform’s global expansion strategy. By enabling users to stake a minimum of 32 ETH, Gemini aims to simplify the staking process and mitigate risks associated with being a validator. With its expanding presence in numerous countries, Gemini remains a leading player in the cryptocurrency staking ecosystem.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Gemini expands global presence with Ethereum staking in the United Kingdom

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月25日 22:04
Next 2023年6月25日 23:11

Related articles

  • Heartland Tri-State Bank becomes 5th US bank forced by regulators to halt operations 

    TL;DR Breakdown Heartland Tri-State Bank in Kansas has been forced to halt operations by regulators due to insolvency. Heartland Tri-State Bank’s collapse marks the fifth bank collapse in the United States in 2023. Description Heartland Tri-State Bank in Kansas has been forced to halt operations by regulators after it became insolvent, marking it the fifth bank to collapse in the United States this year. After determining that the bank, which had its headquarters in Elkhart, had fallen insolvent, Kansas Bank Commissioner David Herndon appointed the Federal Deposit Insurance Corporation … Read more Heartland Tri-State Bank in Kansas has been forced to halt operations by regulators after it became insolvent, marking it the fifth bank to collapse in the United States this year. After determining that the bank, which had its headquarters in Elkhart, had fallen insolvent, Kansas Bank Commissioner David Herndon appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver. After that, the FDIC sold it to Dream First Bank. Heartland Tri-State Bank to resume operations under FDIC In an arrangement with Dream First Bank of Syracuse, Kansas, the…

    Article 2023年7月30日

  • Russia and Iran ditch USD in bilateral trade settlements

    TL;DR Breakdown Russia and Iran are conducting about 80% of their bilateral trade settlements in their national currencies, significantly reducing their reliance on the USD. This shift came in response to US sanctions, prompting these countries to explore alternative currencies, including the Chinese yuan. Iran’s President has ordered a complete shift from the USD to the Iranian rial and other national currencies in trade transactions. With an estimated 80% of bilateral trade conducted in native currencies, Russia and Iran have demonstrated their ability to minimize the influence of the USD in their economic relations. Highlighting this shift, Russia’s Deputy Prime Minister Alexander Novak recently conveyed the extent of this transformation to the press. Embracing native currencies, and beyond The shared economic landscape between Russia and Iran is seeing a significant change in its currency preferences. Novak revealed that the rial and ruble, native currencies of Iran and Russia respectively, make up approximately 80% of their mutual settlements. In an intriguing addition, Novak furthered that there’s ongoing contemplation of employing other currencies, including the Chinese yuan. Novak’s revelations followed extensive deliberations…

    Article 2023年5月20日

  • U.S. banks now hold over $3 trillion in cash but there’s a catch

    TL;DR Breakdown U.S. banks currently hold over $3 trillion in cash, a strategic response to an unpredictable financial climate. March saw significant bank failures, including Silicon Valley Bank and Signature Bank, causing trust issues in the financial sector. Credit agencies, like S&P and Moody’s, downgraded several U.S. banks, further challenging the sector’s stability. Description The latest financial reports are revealing a remarkable trend: U.S. banks are currently sitting on an eye-watering sum of over $3 trillion in cash. The reasons for this financial strategy are varied and deeply interconnected, stemming from a cautious approach to an unpredictable economic climate and recent bank failures. Springtime’s Ghosts Still Haunting the Financial … Read more The latest financial reports are revealing a remarkable trend: U.S. banks are currently sitting on an eye-watering sum of over $3 trillion in cash. The reasons for this financial strategy are varied and deeply interconnected, stemming from a cautious approach to an unpredictable economic climate and recent bank failures. Springtime’s Ghosts Still Haunting the Financial Realm The banking sector, clearly, hasn’t forgotten the recent shocks it endured. March’s…

    Article 2023年9月6日

  • Italy’s Central Bank urges action to avert stablecoin runs

    TL;DR Breakdown The Bank of Italy has called for increased regulatory monitoring of stablecoins, claiming that they “have not proven stable at all.” The Italian bank stated that the rise of cryptocurrencies, coupled with multiple “boom and bust cycles” in a largely unregulated environment, has resulted in “significant consumer harm.” The bank states that the industry must also dispel “the decentralization illusion” and recognize that the majority of decentralized protocols are run by primary stakeholders. Description The highest banking authority in Italy has called for a “robust, risk-based” regulatory framework for stablecoins, which could prevent the worst-case scenario — a “run” on stablecoins. In its recently released “Markets, Infrastructures, and Payment Systems” report for the month of June, the central bank urged regulators to apply the same financial standards of conduct … Read more The highest banking authority in Italy has called for a “robust, risk-based” regulatory framework for stablecoins, which could prevent the worst-case scenario — a “run” on stablecoins. In its recently released “Markets, Infrastructures, and Payment Systems” report for the month of June, the central bank urged…

    Article 2023年7月1日

  • Louisiana criminalizes AI deepfakes depicting child porn

    TL;DR Breakdown Louisiana has established a new law that will criminalize all acts to depict child porn using deepfakes. Battling deepfake misuse and ensuring accountability. Description Louisiana is set to implement a new law on August 1 that will make the production and possession of deepfakes depicting the sexual abuse of children a criminal offense. Signed into law by Governor John Bel Edwards, Louisiana legislative bill SB175 imposes severe penalties for creating, distributing, or possessing unlawful deepfake images involving minors. Offenders … Read more Louisiana is set to implement a new law on August 1 that will make the production and possession of deepfakes depicting the sexual abuse of children a criminal offense. Signed into law by Governor John Bel Edwards, Louisiana legislative bill SB175 imposes severe penalties for creating, distributing, or possessing unlawful deepfake images involving minors. Offenders could face a mandatory prison sentence of five to 20 years, a fine of up to $10,000, or both. Louisiana to hand offenders 20 years and a $10,000 fine Deepfakes, which are AI-generated videos that manipulate and fabricate individuals, places, and…

    Article 2023年7月10日
TOP