Gemini crypto exchange, originally based in the US, is now exploring foreign nations to expand its operations in and India seems to have caught its attention. Gemini first forayed in India back in May and after testing the waters for the last four months, the crypto exchange has decided to broaden its presence in the nation. With a capital influx of $24 million (roughly Rs. 200 crore), the exchange will be growing its development centre in Gurugram, a city that makes for an integral part of India’s National Capital Region (NCR).
Gemini has already onboarded over 70 staff members in its Gurugram team. The company is hiring for more roles to fill its internal verticals, including tech development, finance, and compliance.
In the next two years, the exchange plans to invest up to Rs. 200 crore in its Gurugram facility.
“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. We are delighted to build on that announcement and reveal that we have opened our office within the Cyber Hub at Campus Cyber Greens,” the exchange said in an official statement.
The exchange is looking to tap into India’s engineering talent to grow its ecosystem with fresh Web3 solutions that eventually add more layers of safety for its community members.
“Our teams based in Gurgaon will also be responsible for core platform fundamentals in the areas of compliance, data pipelines and warehousing, security, and payments, complementing our 500+ strong global workforce,” the company’s post added.
Pravjit Tiwana has reportedly been appointed as the CEO for Gemini’s Asia-Pacific (APAC) operations. He was previously global chief technology officer (CTO) at the crypto exchange.
Previously, other crypto platforms like Coinbase and Algorand have also shown interest in onboarding software talent from India onto their teams.
In the backdrop of India coming closer to possibly getting a concrete set of crypto rules around December this year, other crypto firms have also stepped into the market.
In June, Gibraltar-based cryptocurrency bank Xapo announced its expansion to India. The OKX crypto exchange based in Seychelles is also scheduling a full-fledged expansion to India.
“India is undoubtedly a leading global hub for entrepreneurship and technological development. We are thrilled to build Gemini’s presence in India as we continue on our mission to unlock the next era of financial, creative, and personal freedom with crypto and Web3 innovation,” Gemini’s blog added, praising the ‘Startup India’ initiative.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
