Global cryptocurrency exchange Gemini is making a bold move with a $24 million investment to bolster its presence in India, despite the regulatory challenges that have plagued the crypto industry in the country. The exchange aims to fortify its Gurgaon development center, recognizing India’s vast potential in the tech and blockchain sectors.
Gemini opened its Gurgaon Development Center in May and has swiftly expanded its team to over 70 professionals, actively recruiting talent in various fields. Pravjit Tiwana, CEO for the APAC region at Gemini, expressed his confidence in India as a global hub for entrepreneurship and tech development, citing the Indian government’s supportive stance on startups as a catalyst for Gemini’s expansion.
The Gurgaon center will play a pivotal role in the development of Gemini’s core platform, with a focus on compliance, data management, security, and payments.
Crypto & India🇮🇳 ✨🚀
U.S. cryptocurrency exchange Gemini has announced plans to invest $24 million over the next two years to grow its development center in India, doubling its headcount from 70 to more than 150 people. pic.twitter.com/Z8hlxULO0B— SD_Bhaiya🇮🇳 (@SD_Bhaiya) September 26, 2023
This move positions Gemini’s India operations as the second-largest after its United States headquarters, underscoring the exchange’s commitment to the Indian market. Gemini is also eyeing opportunities in the Asia-Pacific region as part of its global growth strategy.
Despite its ambitions, Gemini is not without its legal hurdles. In December 2022, a class-action lawsuit accused the company and its founders, Tyler and Cameron Winklevoss, of offering interest-bearing accounts without proper securities registration. More recently, in May 2023, the Philippines SEC issued a notice to Gemini for operating without authorization in the country.
Gemini’s investment in India reflects the crypto industry’s optimism amidst regulatory uncertainty. As the exchange navigates these challenges, it underscores the complex regulatory landscape that crypto exchanges must navigate on their path to global prominence.
