Gemini, the prominent cryptocurrency exchange, has earmarked a staggering 2 billion rupees, equivalent to $24 million, for its expansion plans in the country. This ambitious undertaking was revealed in a press release on September 26, showcasing the exchange’s commitment to establishing a formidable presence in the Indian crypto landscape.
The majority of these allocated funds will be directed towards bolstering Gemini’s development center situated in Gurgaon, a thriving tech hub in India. According to the official statement released by the exchange, the Gurgaon-based teams will play a pivotal role in enhancing core platform infrastructure, encompassing critical aspects such as compliance, data pipelines, warehousing, security, and payments. This initiative will complement Gemini’s existing global workforce of over 500 professionals.
Gemini’s Gurgaon Development Center, inaugurated in May, has witnessed impressive growth, currently employing more than 70 dedicated staff members. Furthermore, the exchange is actively recruiting talent in various domains, including software engineering, technical product management, talent acquisition, finance, support, and compliance. This expansion drive aligns with Gemini’s recognition of the supportive environment provided by the Indian government, which fosters the growth of startups.
Gemini’s Strategic Role in India’s Crypto Landscape
A significant facet of the exchange’s Indian operations lies in its role as a developer for the exchange’s innovative offerings in the non-fungible tokens (NFTs) and asset marketplaces sectors. This positions the Gurgaon center as a vital hub for pioneering crypto technologies within the exchange.
Gemini’s decision to fortify its presence in India is in line with the exchange’s earlier declaration of “big plans for international growth this year in APAC,” referring to the Asia-Pacific region. Consequently, Gemini’s India operations are poised to become the second-largest, trailing only behind its United States headquarters. Pravjit Tiwana, the CEO responsible for Gemini’s APAC region, emphasized India’s status as a “global hub for entrepreneurship and technological development,” reaffirming the strategic importance of this expansion.
India has increasingly embraced blockchain technology, with approximately 50% of local and state-level governments incorporating it into their data management systems and verifiable certificate issuance procedures. A recent survey also highlighted that over 56% of Indian firms are keenly interested in enterprise blockchain solutions. India boasts an estimated Web3 developer base of 10 million individuals, and this ecosystem is thriving, with 450 Web3 startups in the country securing a remarkable $1.5 billion in investments between 2021 and 2022.