Gemini to Invest $24 Million in the Indian Market
Crypto exchange Gemini has revealed its plans to invest INR 200 crore ($24 million) in the Indian market over the next two years. The company has established an office in Gurgaon, a major tech hub in India, and has already assembled a team of over 70 employees to support its operations.
Why Gemini is Investing in India
Gemini aims to develop its operations in Gurgaon with the $24 million investment and plans to expand its workforce. The company sees its India office becoming its second-largest engineering hub. Gemini CEO Pravjit Tiwana believes that the Indian government’s startup initiative, “Startup India,” will contribute to their success.
According to Tiwana, “India is undoubtedly a leading global hub for entrepreneurship and technological development.”
Gemini’s Global Expansion Drive
Although Gemini has outsourced certain operations to India, it has not launched its crypto exchange in the country. This could be due to India’s strict crypto taxation policies, which have affected trading volume. The country implemented a 30% tax on crypto gains and a 1% tax deduction at source (TDS) for crypto transactions in 2022.
In addition to India, Gemini is focusing on expanding its business team in Singapore and considering applying for a virtual assets license in the UAE.
Hot Take: Gemini Sees Potential in India’s Thriving Startup Ecosystem
Gemini’s decision to invest $24 million in the Indian market demonstrates its confidence in India’s growing startup ecosystem. With government support for entrepreneurship and technological development, Gemini sees an opportunity to establish itself as a key player in the country. However, challenges such as crypto taxation may need to be addressed for Gemini to fully expand its operations in India. Nevertheless, Gemini’s investment showcases the attractiveness of the Indian market and its potential for crypto companies.
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