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Crypto exchange Gemini invests $24 million in India
Earlier in 2020, in efforts to expand their reach beyond their New York base, Gemini secured regulatory approval and set up an office in the United Kingdom
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Gemini crypto exchange plans to invest Rs200 crore ($24 million) for their expansion in India over the next two years. This comes shortly after their announcement in May regarding the establishment of Gemini’s technology development centre in Gurgaon, India. The said funds are planned to be used to grow their development centre.
Gemini’s cutting-edge crypto and technology innovation centre is in the Cyber Hub at Campus Cyber Greens, Gurgaon. Gemini’s team in India is responsible for core platform fundamentals in compliance, data pipelines, warehousing, security, and payments. They complement Gemini’s global workforce.
Since its initial launch in May, they have already hired over 70 Gurgaon-based employees supporting various facets of their business and are actively hiring for roles such as software engineers, technical product managers, people operations and talent acquisition, finance, support, and compliance. Gemini India is looking to double their employee count from 70 to 150 soon.
Furthermore, Pravijit Tiwana, the CEO of Gemini Asia Pacific, explained why the firm is eyeing India. He said, “Gemini is a startup at heart, and the Indian government has built a robust support framework that allows startups to thrive. In 2016, the Indian government launched the Startup India initiative, creating the conditions for a thriving startup ecosystem, which now ranks third globally.”
He added, “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!”
India has embraced blockchain, with about half of its local and state governments using it for data management, certifications, and other purposes. One prime example would be the web3 regulatory sandbox launched by the government of Telangana, to promote usage of up and coming blockchain-relevant technologies in the state.
With its 2023 G20 Presidency, India has also spearheaded the efforts for a global crypto regulatory framework, and has brought about the IMF-FSB Synthesis Paper that lays down measures jurisdictions can take to make crypto transactions secure across borders and help the global economy thrive.
While a comprehensive crypto regulatory measure is yet to be outlined in India itself, crypto enthusiasts look forward to upcoming positive regulatory changes for crypto firms and investors.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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