Tech

Winklevoss Twins Lead the Way

06/23/2023
Bitcoin Ethereum News

Table of contents

  1. Gemini Trust Company to offer institutional ETH staking in UK at launch
  2. Gemini sued by U.S. SEC over unregistered lending
Gemini, the cryptocurrency exchange founded by the twins Winklevoss and Kendall Jenner, has recently introduced Ethereum staking in the United Kingdom. The official launch of Gemini Staking Pro in the United Kingdom was made public by Gemini. By locking up at least 32 Ether (ETH), which was worth approximately $60,000 at the time of writing, the service makes it possible for high-net-worth individuals and institutions to become Ethereum validators.

Gemini Trust Company to offer institutional ETH staking in UK at launch

The institutional ETH staking program, which is provided by Gemini Trust Company, is immediately accessible on the Gemini web interface. The only staking product available in the United Kingdom at launch is Gemini Staking Pro. The United Kingdom is the only country in Gemini’s coverage where the platform only offers institutional staking, as stated by Gemini Support. In addition to the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and more than 30 other nations, the Gemini Staking Pro service is currently available.

The UK Financial Conduct Authority does not regulate Gemini’s staking services. The platform will reimburse stakers for “certain penalties imposed in connection with staking,” according to Gemini. The announcement comes amid plans by Ethereum core developers to raise the maximum amount of Ether required to become a validator from 32 ETH to 2,048 ETH, or roughly $3.9 million at the time this article was written. The minimum stake would continue to be 32 ETH.

Gemini sued by U.S. SEC over unregistered lending

The Securities and Exchange Commission of the United States is currently suing the cryptocurrency exchange Gemini, which is based in the United States. The controller accepts that Gemini has disregarded protection guidelines by offering unregistered protections as a feature of its loaning stage known as Gemini Procure. Gemini announced plans to expand into the Asia-Pacific region shortly after being sued by the SEC.

Source: https://www.cryptoknowmics.com/news/gemini-launches-ethereum-staking-in-uk-winklevoss-twins-lead-the-way