The cryptocurrency exchange, Gemini, has recently announced plans of expanding its reach within the blossoming tech market of India. The exchange is projected to make a hefty investment of INR 200 crore (around $24 million USD) over an upcoming two-year period. Interestingly, this step coincides with the opening of their newly inaugurated office within Cyber Hub at Campus Cyber Greens, situated in Gurgaon, India.
Currently, Gemini has a workforce exceeding 70 professionals in Gurgaon, all of whom are involved in a myriad of business aspects. The Gurgaon office acts as a critical hub for the company’s worldwide operations, contributing to a variety of functions including engineering, design, and operations. It plays a significant role in product and service development, which, in turn, caters to customers across over 70 different countries.
This planned expansion in India can be seen as a significant complement to Gemini’s existing pool of over 500 employees in their global workforce. They are actively hiring for several vital roles within their Gurgaon office, which span across software engineering, technical product management, people operations and talent acquisition, financial professionalism, support staff, and compliance expertise.
The appealing factor regarding Gemini’s decision to further penetrate into the Indian market is the country’s strong supportive framework for startups. Pravjit Tiwana, Global CTO, CEO, Gemini, Asia Pacific, lauds the country’s “Startup India” initiative which has created a fertile atmosphere for nurturing startups. Additionally, India’s global reputation as a hub for entrepreneurship and technological advancement is perfectly in line with Gemini’s mission – to foster financial, creative, and personal freedom enabled by the power of crypto and Web3 innovation.
However, it is worth noting that this move by Gemini occurs amid a somewhat ambiguous regulatory milieu for cryptocurrencies within India. G20 nations, inclusive of India, have underlined the importance of creating a concerted global structure for crypto regulations. But, as of now, clear-cut crypto regulations in India itself are still to be established.
Where there were initial hints of a complete blanket ban on crypto by the central government of India, the narrative now seems subtly different. There seems to be a more positive atmosphere, with the government engaging with several countries to create a globally unified framework for crypto regulations. However, a complete resolution is yet to be seen which might stir up some volatility in the Indian crypto sphere even for tech giants like Gemini.
Source: Cryptonews
