Initially based in the United States, Gemini cryptocurrency exchange is now exploring other countries to expand its operations, and India appears to have caught its attention. Gemini first forayed into India in May, and after testing the waters over the past four months, the cryptocurrency exchange has decided to expand its presence in the country. With a capital inflow of $24 million (approximately Rs 200 crore), the exchange will expand its development center in Gurgaon, an integral part of India’s National Capital Region (NCR).
Gemini has onboarded over 70 employees in its Gurugram team. The company is hiring for more positions to fill vacancies in its internal verticals, including technology development, finance and compliance.
Over the next two years, the exchange plans to invest up to Rs. The Gurgaon plant will cost Rs 200 crore.
“India has long been regarded as a hub for nurturing talent by the world’s top technology companies, and we are pleased to say that we are deepening our investment in the country. We are pleased to build on this announcement and reveal that we have Cyber Greens has opened an office within its Cyber Hub.” official statement.
The exchange hopes to leverage India’s engineering talent to grow its ecosystem with new Web3 solutions, ultimately adding more layers of security for its community members.
The company’s post added: “Our Gurgaon-based team will also be responsible for core platform infrastructure in the areas of compliance, data pipelines and warehousing, security and payments, complementing our 500+ strong global workforce. “
According to reports, Pravjit Tiwana has been appointed CEO of Gemini’s Asia Pacific (APAC) business. He previously served as the global chief technology officer (CTO) of a cryptocurrency exchange.
Previously, other crypto platforms such as Coinbase and Algorand have also shown interest in adding Indian software talent to their teams.
Other cryptocurrency companies are also entering the market amid the backdrop that India is likely to formulate a specific set of cryptocurrency rules around December this year.
In June, Gibraltar-based cryptocurrency bank Xapo announced its expansion into India. Seychelles-based OKX cryptocurrency exchange is also planning a full expansion into India.
“India is undoubtedly the world’s leading hub for entrepreneurship and technology development. We are excited to build Gemini’s presence in India as we continue our mission to usher in the next era of financial, creative and personal freedom through cryptocurrency and Web3 innovations .” Gemini’s blog added, praising the “New India” plan.
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