Gemini crypto exchange, originally based in the US, is now exploring foreign countries to expand its business and India seems to have caught its attention. Gemini first entered India in May and after testing the waters over the past four months, the crypto exchange has decided to broaden its presence in the country. With a capital inflow of $24 million (approximately Rs. 200 crore), the exchange will expand its development center in Gurugram, a city that forms an integral part of India’s National Capital Region (NCR).
Gemini has already hired over 70 staff members into its Gurugram team. The company is looking to fill more roles to fill its internal verticals, including technical development, finance and compliance.
In the next two years, the exchange plans to raise up to Rs. 200 crore at its Gurugram facility.
“India has long been considered a hub for growing talent by the world’s top technology companies, and we are pleased to share that we are deepening our investments in the country. We are excited to build on this announcement and reveal that we have opened our office in the Cyber Hub at Campus Cyber Greens,” the exchange said in an official statement.
The exchange aims to leverage India’s tech talent to grow its ecosystem with new Web3 solutions that ultimately add more layers of security to community members.
“Our teams based in Gurgaon will also be responsible for core platform fundamentals across compliance, data pipelines and storage, security and payments, complementing our 500+ strong global workforce,” the company said.
Pravjit Tiwana has reportedly been appointed as CEO of Gemini’s Asia Pacific (APAC) operations. He was previously Global Chief Technology Officer (CTO) at the crypto exchange.
Previously, other crypto platforms such as Coinbase and Algorand have also shown interest in onboarding software talent from India into their teams.
Against the backdrop of India moving closer to a possible concrete set of crypto regulations around December this year, other crypto companies have also entered the market.
In June, Gibraltar-based cryptocurrency bank Xapo announced its expansion into India. The OKX crypto exchange in Seychelles is also planning a full-fledged expansion into India.
“India is undoubtedly a leading global hub for entrepreneurship and technological development. We are excited to build Gemini’s presence in India as we continue our mission to unlock the next era of financial, creative and personal freedom with crypto and Web3 innovation,” Gemini’s blog added, stating ‘Startup India’ initiative praised.
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