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Gemini invests $24M to expand in India.

In a recent announcement on September 26, cryptocurrency exchange Gemini revealed its allocation of 2 billion rupees ($24 million) towards expanding its development center in Gurgaon, India.

The exchange said:

“Our teams based in Gurgaon will also be responsible for core platform fundamentals in the areas of compliance, data pipelines and warehousing, security, and payments, complementing our 500+ strong global workforce.”

Gemini’s Gurgaon Development Center, which was initially launched in May, has experienced substantial growth, now employing over 70 staff members.

The center is actively hiring professionals in various roles such as software engineers, technical product managers, talent acquisition, finance, support, and compliance.

Gemini credits the Indian government’s strong support framework for startups as a key factor in facilitating this expansion.

Moreover, the Gurgaon site serves as a significant contributor to the development of new features related to nonfungible tokens (NFTs) and asset marketplaces within the exchange.

Gemini has revealed its ambitious plans for international expansion in the Asia-Pacific (APAC) region, with a particular focus on India.

The company anticipates that its operations in India will become the second-largest, trailing only its headquarters in the United States.

Pravjit Tiwana, CEO of Gemini
Pravjit Tiwana, CEO of Gemini

Pravjit Tiwana, CEO of Gemini for the APAC region, recognizes India as a global hub for entrepreneurship and technological advancement.

India has been actively embracing blockchain technology, with approximately 50% of local and state governments incorporating it into their data management systems and verifiable certificate issuance.

Although, The results of a recent survey highlighted the significant potential in India, with over 56% of Indian companies expressing interest in enterprise blockchain.

India boasts an estimated base of 10 million Web3 developers, and between 2021 and 2022, 450 Web3 startups in the country secured a total of $1.5 billion in investments.

Gemini’s expansion into India aligns with the nation’s growing interest in blockchain technology and its thriving Web3 ecosystem, presenting exciting opportunities for both the company and the Indian market.

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