Gemini, the cryptocurrency exchange, has earmarked Rs 2 billion (equivalent to $24 million) for its expansion endeavors in India Coingabbar reports. In a statement made on September 26, the company disclosed that these funds will be dedicated to the advancement of Gemini’s development center situated in Gurgaon. The Gurgaon-based teams will assume responsibility for pivotal aspects of the core platform, encompassing compliance, data management, security, payments, and other fundamental elements, thus complementing our extensive global workforce.
Gemini’s investments
Since its initial launch in May, Gemini’s development center in Gurgaon has experienced remarkable growth, boasting a workforce of over 70 employees. The company is actively recruiting for various roles, including software engineers, technical product managers, talent acquisition specialists, finance professionals, support personnel, and compliance experts. Gemini’s expansion into India is further bolstered by the favorable support ecosystem provided by the Indian government, which fosters a thriving startup environment. Additionally, the Gurgaon site is a hub for developing new features for non-fungible tokens (NFTs) and asset marketplaces within the exchange.
In April, Gemini unveiled ambitious plans for international expansion in the Asia-Pacific (APAC) region, with the Indian operation poised to become the second-largest after its American counterpart. Pravjit Tiwana, CEO for the APAC region at Gemini, has lauded India as a global center for entrepreneurship and technological innovation.
India is making significant strides in embracing blockchain technology, with nearly 50% of local and state-level governments incorporating it into their data management systems and certificate issuance processes. A recent survey reveals that over 56% of Indian companies express a keen interest in enterprise blockchain, given the estimated presence of 10 million Web3 developers in the country. Between 2021 and 2022, 450 Web3 startups in India secured investments totaling $1.5 billion, indicating the growing appetite for blockchain-related ventures.
India is also displaying a heightened interest in cryptocurrency investment, with approximately 20% of the nation’s population participating in the cryptocurrency market. This translates to one-fifth of the entire country’s populace engaging in cryptocurrency investments. Moreover, India has achieved a prominent position in Chainalysis’s 2023 Global Crypto Adoption Index, retaining its status as the largest cryptocurrency market worldwide and leading the charge in grassroots adoption, even surpassing major economies in this regard.
