Gemini invests $24M for expansion in India

Cryptocurrency exchange Gemini will allocate 2 billion rupees ($24 million) for its expansion in India.

According to the announcement on September 26, the funds will be used for grow Gemini is located at its development center in Gurgaon. The exchange stated:

“Our Gurgaon-based team 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.”

Since its initial launch in May, Gemini’s Gurgaon development center has grown to over 70 employees and is actively recruiting software engineers, technical product managers, talent acquisition, finance, support and compliance staff. In supporting expansion, Gemini cited the Indian government’s “strong support framework that enables new startups to thrive.” The website also acts as a developer of new features for exchanges in the market for non-fungible tokens and assets.

In April, Gemini revealed “ambitious plans for international growth in the Asia-Pacific region this year,” referring to the Asia-Pacific region. Its India operations are expected to become the second-largest business, after Gemini’s US headquarters. Pravjit Tiwana, the company’s CEO for Asia Pacific, calls India “a global hub for entrepreneurship and technology development.”

India has Blockchain technology is actively adopted, with about 50% of local and state-level governments incorporating it into data management systems and verifiable certificate issuance.In a recent survey, more than 56% of Indian companies In a country with an estimated 10 million Web3 developers, interest in enterprise blockchain has been expressed. Between 2021 and 2022, 450 Web3 startups in India received US$1.5 billion in investment.