The world of cryptocurrency is an ever-evolving marketplace, and the Asia-Pacific (APAC) region is increasingly becoming a beacon of potential. Many enthusiasts would agree that this region may well be driving the next wave of growth for the blockchain industry. One entity that shares this sentiment is the New York-based crypto exchange Gemini, which recently announced its plans to expand its operations across the APAC.
In the hopes of making a mark outside the United States, Gemini has chosen APAC as the location to fuel its ambitions. This decision comes at a time when the U.S. regulatory authorities are increasing scrutiny on cryptocurrency exchanges. As a testament to its dedication towards this expansion, the exchange stated plans to open a crypto derivatives platform offshore, April.
Gemini’s enthusiasm reflects a similar eagerness among other exchanges, such as Coinbase, which recently announced its intentions to open a derivatives exchange in Bermuda. With the rapid advancement of the blockchain ecosystem, companies strive to establish strong footholds in regions with promising growth prospects, while mitigating risks posed by shifting regulatory landscapes.
To establish its presence firmly in the region, Gemini will utilise Singapore as the central hub for its APAC operations. The company aims to increase its workforce to over 100 in the next 12 months and is keen on opening an engineering base in India. Catering to the convenience of its customer base in the region, Gemini’s platform will soon support trading in Singapore Dollar (SGD), Hong Kong Dollar (HKD), and Australian Dollar (AUD).
However, it is crucial to acknowledge the potential pitfalls of such expansion. Some pessimists argue that operating outside the company’s home country can prove to be a double-edged sword. Issues like unfamiliar regulations and cultural differences may arise, inadvertently impeding expansion efforts. Furthermore, increased competition in burgeoning crypto marketplaces may put pressure on companies fighting for a larger slice of the proverbial pie.
In essence, Gemini’s move to expand in the APAC region showcases the growing importance of this part of the world in shaping the future of the crypto industry. Only time will tell whether their calculated risk will lead to a fruitful outcome and contribute positively to the ongoing global adoption of blockchain technology. Regardless of the results, this development underlines the relentless pursuit for growth and innovation in the ever-changing landscape of digital assets.
Source: Coindesk
