Gemini Invests $24 Million to Expand its Crypto Exchange Operations in India
Summary:
Gemini, a cryptocurrency exchange, is investing INR 2 billion ($24 million) into expanding its development center in Gurgaon, India. This move aims at technological and entrepreneurial growth, with a core focus on compliance, data security, payments, and talent acquisition. This expansion is in line with Gemini's plan for aggressive growth in the Asia-Pacific and is backed by support from the Indian Government. The company's India operations are projected to be its second-largest, topped only by its U.S. headquarters.
Gemini, a cryptocurrency exchange, has set aside INR 2 billion ($24 million) for its venture into India. They revealed on September 26 that these funds will go towards bolstering their development center in Gurgaon. Gemini also stated, "The Gurgaon-based units will be handling the basic platform aspects like compliance, data pipelines and storage, security, and payments, thereby augmenting our global workforce of over 500." Since the inaugural launch in May, the staff at Gemini's Gurgaon Development Center has ballooned to over 70, with active recruitment taking place across various departments like software engineering, technical product management, human resources, finance, customer support and compliance. Gemini lauded the supportive infrastructure presented by the Indian government for the growth of start-ups while backing this expansion. The Gurgaon center also develops new features for the exchange in the nonfungible token and asset marketplace sectors. In April, Gemini revealed their "aggressive expansion strategy for the Asia-Pacific (APAC) region during the ongoing year." The operations in India for Gemini are predicted to be the second largest, only overshadowed by their U.S. headquarters. The APAC regional CEO, Pravjit Tiwana, described India as a "world hub for entrepreneurial and tech developments." From the beginning, India has warmly embraced blockchain technology, with around half of the local and state governments integrating blockchain in their data management solutions and issuance of verifiable certificates. According to a recent survey, over 56% of Indian companies showed interest in blockchain for enterprise, a country that boasts an estimated Web3 developer pool of 10 million. In the period between 2021 and 2022, a total of 450 Indian Web3 startups received investment to the tune of $1.5 billion. Magazine: Scandal leads to JPEX staffers rushing out of event, issues with Mt. Gox, Diners Club dips toe in crypto.
Published At
9/26/2023 6:00:00 PM
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