Cryptocurrency exchange Gemini has announced it is allocating 2 billion rupees (approx. $24 million) towards expanding its operations in India.
According to Gemini’s September 26th statement, the funds will be used to scale up its development center in Gurgaon. The India teams will handle core areas like compliance, data, security, payments, and more to support Gemini’s 500+ global workforce.
Since its launch in May, Gemini’s Gurgaon center has grown to over 70 employees. The company is actively hiring software engineers, product managers, recruiters, finance staff, and other roles to aid its growth in India.
Gemini cited India’s robust framework supporting startups as a key factor in its expansion. The Gurgaon center also develops new NFT and marketplace features for the exchange.
Earlier in 2022, Gemini outlined plans for significant expansion in the Asia-Pacific region, with India operations expected to become the firm’s second-largest behind the US.
CEO Pravjit Tiwana praised India as “a global hub for entrepreneurship and technological development.”
India has seen increasing adoption of blockchain, with around half of state governments using it for data and certificates. A recent survey found over 56% of Indian companies are interested in enterprise blockchain.
Between 2021-2022, India’s booming Web3 startup space drew $1.5 billion in funding across 450 firms. With its large developer talent pool, supportive environment, and growing crypto appetite, India remains a strategic market for crypto exchange growth.
Gemini’s $24 million investment signals its commitment to cementing its position in the Indian crypto and blockchain industry going forward.
