Gemini's $24 Million USD Investment Plan in India Over the Next Two Years

Gemini Expands Presence in India Despite Regulatory Uncertainties

Crypto exchange Gemini has announced its plans to aggressively expand in India, despite the regulatory uncertainties in the market. The company intends to invest $24 million in its development center in Gurgaon and more than double its headcount over the next two years.

Gemini’s CEO of APAC region, Prawjit Tiwana, stated that the company sees great potential in India’s thriving startup ecosystem. The Indian government has established a strong support infrastructure for startups, making it an attractive market for Gemini. India is currently ranked third worldwide in terms of its startup ecosystem.

Gemini aims to deepen its investment in India as it continues to drive innovation in the crypto and Web3 space. The company recognizes India as a prominent global center for entrepreneurship and technological advancement.

Gemini’s Focus on India’s Crypto Market

Earlier this year, Gemini announced its expansion plans for the Indian market. Despite strict regulations and heavy taxes on crypto profits, India has seen significant growth in investor participation.

India accounts for 20% of global crypto activity and ranks second in the world for crypto adoption. From July 2022 to June 2023, India recorded approximately $268.9 billion in crypto assets, leading in transaction volume. The country also topped Chainalysis’ Global Crypto Adoption Index, which measures grassroots adoption of the crypto ecosystem.

The CEO of WazirX recently stated that heavy taxes on crypto profits could persist for another two years in India.

Hot Take: Gemini Sees Potential Amidst Regulatory Challenges

Gemini’s decision to expand its presence in India demonstrates its confidence in the country’s startup ecosystem and its belief in the long-term potential of the Indian crypto market. Despite regulatory uncertainties and heavy taxes, Gemini recognizes the growing investor participation and the country’s position as a global center for entrepreneurship and technological advancement.

By investing in India’s development center and increasing its headcount, Gemini aims to contribute to the growth of the crypto ecosystem in the country. This move aligns with its mission to drive financial, creative, and personal empowerment through crypto and Web3 innovation. Gemini’s expansion in India sets the stage for increased competition and further growth in the Indian crypto market.