Crypto exchange Gemini, initially based in the United States, is now exploring foreign countries to expand its operations and India seems to have caught its eye. Gemini made its first foray into India in May and after testing the waters over the past four months, the crypto exchange has decided to expand its presence in the country. With a capital inflow of $24 million (around Rs. 200 crore), the exchange will expand its development center in Gurugram, a city that is an integral part of the National Capital Region (NCR) of India.
Gemini has already onboarded over 70 staff members into its Gurugram team. The company is hiring for more roles to fill its internal verticals, including technology development, finance and compliance.
Over the next two years, the exchange plans to invest up to Rs. 200 crore in its Gurugram facilities.
“India has long been seen as a hub for top talent by the world’s largest technology companies, and we are delighted to announce that we are deepening our investments in the country. We are delighted to build on this announcement and reveal that we have opened our office within the Cyber Hub at Cyber Greens Campus,” the exchange said in an official statement.
The exchange seeks to harness India’s engineering talents to expand its ecosystem with new Web3 solutions that will ultimately add more layers of security for its community members.
“Our Gurgaon-based teams will also be responsible for platform fundamentals in the areas of compliance, data pipelines and warehousing, security and payments, complementing our global workforce of over 500 people,” adds the company’s message.
Pravjit Tiwana has reportedly been named CEO of Gemini’s Asia Pacific (APAC) operations. He was previously the global chief technology officer (CTO) of the crypto exchange.
Previously, other crypto platforms such as Coinbase and Algorand have also shown interest in onboarding Indian software talents into their teams.
As India moves closer to a concrete set of crypto rules around December this year, other crypto companies have also entered the market.
In June, Gibraltar-based cryptocurrency bank Xapo announced its expansion into India. Seychelles-based crypto exchange OKX is also planning a full-fledged expansion into India.
“India is undoubtedly one of the world’s leading hubs for entrepreneurship and technology development. We are excited to strengthen Gemini’s presence in India as we continue our mission to unlock the next era of financial, creative and personal freedom through crypto and Web3 innovation,” the Gemini blog added, making the praise for the “Startup India” initiative.
Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from an investment based on any recommendation, forecast or other perceived information contained in the article.