Gemini Allocates $24 Million for Expansion in India
Cryptocurrency exchange Gemini has announced that it will allocate 2 billion rupees ($24 million) to expand its operations in India. The funds will be used to grow Gemini’s development center in Gurgaon, with a focus on core platform fundamentals such as compliance, data pipelines and warehousing, security, and payments. The Gurgaon Development Center currently employs over 70 staff members and is actively hiring for various positions.
India’s Supportive Environment for Startups
Gemini highlighted the Indian government’s supportive framework for startups as a key factor in its expansion plans. The country has actively embraced blockchain technology, with around 50% of local and state-level governments incorporating it into their data management systems and certificate issuances. A recent survey also revealed that more than 56% of Indian firms are interested in enterprise blockchain. Additionally, India has a thriving Web3 developer base of approximately 10 million individuals, and between 2021 and 2022, Web3 startups in the country received $1.5 billion in investments.
Gemini’s Global Growth Strategy
In April, Gemini announced its intentions for significant international growth in the Asia-Pacific region. With its expansion in India, Gemini aims to establish the country as its second-largest market after the United States. Pravjit Tiwana, CEO for the APAC region at Gemini, described India as a global hub for entrepreneurship and technological development.
Hot Take: Expanding Opportunities in India’s Crypto Market
Gemini’s decision to invest $24 million in expanding its operations in India reflects the growing opportunities and support for cryptocurrencies and blockchain technology in the country. With a favorable regulatory environment and a thriving developer base, India has become an attractive market for crypto companies. Gemini’s move not only strengthens its presence in the Asia-Pacific region but also positions India as a key market for future growth. As more companies recognize India’s potential, we can expect further investments and developments in the Indian crypto market.
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