Crypto

Cryptocurrency exchange Gemini launches Ethereum staking in the UK

Pressure in the US has forced the company to seek expansion opportunities elsewhere

Coinbase’s legal woes with the US Securities and Exchange Commission (SEC) may be making waves at the moment. Still, it’s important to note that other US cryptocurrency companies have faced similar regulatory criticisms. Gemini, for instance, faced a significant SEC enforcement action in January of 2023 for the very same issue that has plagued Coinbase. Therefore, in an effort to expand its reach, Gemini has introduced Ethereum (ETH) staking to customers in the UK.

Despite the global cryptocurrency boom, US regulators, led by the SEC, remain largely indifferent to this emerging market. Consequently, numerous crypto platforms, including Gemini, have been compelled to search for more welcoming territories abroad. Consequentially, Gemini has decided to broaden its footprint in India and Singapore while simultaneously extending its services to customers in the UK through Gemini Staking Pro.

At the heart of this conversation lies the possibility for inhabitants to put their money into ETH, a significant move for a number of reasons. Firstly, ETH is the second most popular digital currency, only lagging behind Bitcoin in terms of trade. With the inception of Ethereum 2.0, the project has seen a surge in investment, with Dune research revealing that investors have collectively put over 23.1 million ETH (equivalent to approximately $43 billion) into the cryptocurrency.

Gemini has expressed its desire to offer its customers a lucrative opportunity. However, the cost of using ETH as a support mechanism on their platform is quite high, with a minimum of 32 ETH required. This translates to roughly $61,216, given the current Ethereum value of $1,930.

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