India’s growth in the technology and cryptocurrency sector is encouraging international cryptocurrency exchanges to invest in the country. The latest example of this trend is the large investment made by Gemini.
Cryptocurrency exchange Gemini backs expansion plans in India with $24 million
Cryptocurrency exchange Gemini announced that it has allocated 2 billion rupees ($24 million) to expand in India. According to the statement dated September 26, this fund will be used to expand Gemini’s development center in Gurgaon. The stock market says:
Our teams in Gurgaon will also be involved in core platform areas such as compliance, data pipeline and storage, security and payments. This will complement our global workforce of more than 500.
— Oliver (@WHALE77_7) September 26, 2023
Gemini Gurgaon Development Centre, which made its debut in May, has added over 70 staff through active recruitment for software engineers, technical product managers, talent acquisition, finance, support and compliance. In supporting the expansion, Gemini cited the Indian government’s “robust support structure that allows startups to thrive.” The site also acts as a developer for new features of the stock market and asset markets.
In April, Gemini said “we have big plans for international growth in APAC this year,” referring to the Asia-Pacific region. India operations are expected to be the second largest, behind only Gemini’s US headquarters. Pravjit Tiwana, the company’s CEO for the APAC region, called India a “global hub for entrepreneurship and technological development.”
Web3 has a special place in the industry
India has actively adopted Blockchain technology since its inception. Approximately 50% of local and state-level governments have incorporated blockchain into their data management systems and verifiable certificate arrangements. In a recent survey, more than 56% of companies in India expressed interest in enterprise Blockchain. There are an estimated 10 million Web3 developers in the country. Between 2021 and 2022, 450 Web3 startups in India received $1.5 billion in investment.
This step by Gemini reveals India’s progress in cryptocurrency and Blockchain and its potential to become an international player in this field. It is a matter of curiosity how this expansion, especially in the APAC region, will affect the growth in the cryptocurrency sector and India’s effectiveness in this field.