Gemini Staking Pro, allowing UK-based institutions to act as Ethereum validators by staking a minimum of 32 ETH (around $60,000 currently), has been launched.

The cryptocurrency exchange, owned by Cameron and Tyler Winklevoss, known as Gemini, actively continues its global expansion, this time introducing Ethereum staking to the United Kingdom.

Gemini unveiled the launch of Gemini Staking Pro in the UK on June 23rd. The service is designed to let institutions and high-net-worth individuals act as Ethereum validators by staking at least 32 Ether, worth approximately $60,000 at present.

Delivered by Gemini Trust Company, the institutional-grade ETH staking program can be accessed immediately via the Gemini web interface.

At its introduction, Gemini Staking Pro is the sole staking product available in the United Kingdom. As per Gemini Support, amongst all countries where Gemini operates, only the UK sees the platform exclusively running institutional staking.

Gemini Staking Pro service is presently operational in the United States (except New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries.

It is important to note that Gemini’s staking services are not regulated by the UK Financial Conduct Authority, as highlighted in the announcement.

Gemini also stated that it would compensate stakers for “certain penalties associated with staking.”

In terms of running a validator node, Gemini pointed out that “small errors” can lead to network penalties and even a loss of staked tokens, a process known as “slashing”. To avoid such issues, Gemini assures:

“Here at Gemini, we simplify the staking process for you. Users can stake their assets more confidently and without needing technical expertise since Gemini operates the validator nodes.”

In the backdrop of this announcement, Ethereum’s core developers are contemplating raising the maximum Ether required to become a validator from the current 32 ETH to possibly 2,048 ETH, approximately $3.9 million at present. However, the minimum staking quantity would remain at 32 ETH.

Previously, as reported by Cointelegraph, the US-based crypto exchange Gemini is confronting a lawsuit from the U.S. States Securities and Exchange Commission. The regulator alleges that Gemini has breached securities regulations by offering unregistered securities as part of its lending platform known as Gemini Earn. Shortly after the lawsuit by the SEC, Gemini publicized plans to expand into the Asia-Pacific region.