Cryptocurrency exchange Gemini has announced the launch of its Ethereum (ETH) staking program in the UK, named the Gemini Staking Pro.
The program will aid in helping institutions and high-net-worth individuals run validators on the ETH blockchain.
In line with Gemini’s plans for expansion, the product is already live in the US, (with the expectation of New York) Brazil, Australia, Singapore, and over 30 other countries across the globe.
While the firm prepares its official in-app support, the crypto-staking product will grant Gemini users over 32 ETH to run dedicated validator nodes on the ETH exchange through its web user interface.
The platform has promised Staking Pro clients reimbursement regarding penalties incurred due to a lack of technical knowledge resulting in 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-how.
“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,” said the exchange.
Although users may only need 32 ETH to set up validator nodes on the ETH blockchain, there has been reported conversation surrounding an increase in the limit of coins required for operation.
In a recent consensus meeting, developers of the ETH program are said to have initiated a plan to increase the number of staked ETH needed to become a validator by 64x, ranging from 32 ETH to 2048 ETH, with the minimum amount remaining the former.