Crypto exchange Gemini is allocating $24 million toward expanding its operations in India over the next two years, led by APAC CEO Pravjit Tiwana.
The company initially revealed back in April the launch of its engineering center in Gurgaon, near India’s capital Delhi, as a key component of its international business expansion strategy.
Tiwana emphasized in a statement on Tuesday that this office will play a significant role in driving Gemini’s growth in the upcoming years.
Gemini cited India’s flourishing startup environment, boosted by the government’s 2016 initiative to promote entrepreneurship and transition from a job-seeking to a job-creating society, as a reason to establish its presence there.
This support includes tax advantages, streamlined compliance, simplified company formation and faster exit options.
As a result of this program’s launch, the government has formally recognized more than 92,000 entities as startups within the country.
The teams based in this location will handle compliance, data pipelines, warehousing, security and payments-related tasks.
Gemini’s Gurgaon office is actively seeking to recruit software engineers, technical product managers, professionals in people operations and talent acquisition, finance, support and compliance roles.
As of September, the Gurgaon division has a workforce of over 70 employees.
This development occurs amidst growing unease among prominent crypto companies in the United States due to heightened regulatory oversight by US agencies.
India’s crypto scene gains momentum
While India was initially perceived as less hospitable to the crypto sector, the situation appears to be gradually changing.
According to a recent Chainalysis report, India stands out as a global leader in “grassroots crypto adoption.”
The report also highlighted that India has risen to become the second-largest crypto market globally in terms of total estimated transaction volume, surpassing several more affluent nations.
Also, India’s Prime Minister Narendra Modi at the B20 summit in August advocated for an international framework to govern cryptocurrencies.
Gemini’s expansion into India aligns with its recent venture into Singapore and its plans to augment its workforce in the city-state to exceed 100 employees in the upcoming year.
The company has indicated that the Singapore branch will serve as the focal point for its broader “larger APAC operations.”
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Source: https://blockworks.co/news/gemini-india-office-investment