Gemini has officially introduced its Staking Pro product to UK users. The crypto staking product, already in place in more than 30 countries, including the US (excluding New York), Singapore, Hong Kong, Australia and Brazil, caters to institutions and high net worth individuals.
UK users with 32 Ether (ETH) or more can now launch dedicated validators on Ethereum.
As of today, the staking product is only available on the Gemini web interface, with in-app support coming soon. Users can start this process by logging in to their verified Gemini account. People who already own ETH can select ‘Transfer trading balance’, or otherwise can click ‘Buy new crypto’.
Staking is the key process in Proof-of-Stake consensus mechanisms. However, there are challenges when it comes to running one’s own validator node. This includes network-imposed penalties and even losing the staked tokens (slashing).
With this in sight, Gemini claims to simplify the process by operating the validator nodes. By doing this, ‘users can stake their assets with more confidence and without the technical know-hows’.
The crypto exchange has also offered to reimburse its users for certain penalties imposed in connection with staking. It has tagged its offer as “the best of both worlds – the benefit of decentralisation with the power of Gemini”.