Cryptocurrency exchange Gemini is allocating 2 billion rupees ($24 million) for its expansion in India.
According to the Sept. 26 announcement, the funds will be used to grow Gemini’s development center in Gurgaon. 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.”
Since its initial launch in May, the Gemini Gurgaon Development Center has expanded to over 70 staff, with active hiring for software engineers, technical product managers, talent acquisition, finance, support and compliance. In supporting the expansion, Gemini cited the Indian government’s “robust support framework that allows startups to thrive.” The site also acts as a developer for the exchange’s new features in nonfungible tokens and asset marketplaces.
In April, Gemini disclosed “big plans for international growth this year in APAC,” referring to the Asia-Pacific region. Its India operations are expected to be the second-largest behind only Gemini’s United States headquarters. Pravjit Tiwana, the firm’s CEO for the APAC region, called India a “global hub for entrepreneurship and technological development.”
India has been actively adopting blockchain technology, with around 50% of local and state-level governments incorporating it in their data management systems and verifiable certificate issuances. In a recent survey, over 56% of Indian firms expressed interest in enterprise blockchain in a country with an estimated Web3 developer base of 10 million individuals. Between 2021 and 2022, 450 Web3 startups in India received $1.5 billion in investments.
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