Gemini Allocates $24 Million for Expansion in India, Citing Robust Support Framework for Startups

Expanding in India

Cryptocurrency exchange Gemini has announced plans to allocate 2 billion rupees ($24 million) for its expansion in India. The funds will be used to grow Gemini's development center in Gurgaon. Since its initial launch in May, the center has expanded to over 70 staff members and is actively hiring for various positions.

The Indian Advantage

Gemini cited the Indian government's "robust support framework that allows startups to thrive" as a reason for the expansion. The exchange's Gurgaon center will be responsible for core platform fundamentals, including compliance, data pipelines, warehousing, security, and payments.

A Global Hub for Entrepreneurship

India has established itself as a global hub for entrepreneurship and technological development, according to Pravjit Tiwana, Gemini's CEO for the APAC region. With its new expansion plans, Gemini aims to make its India operations the second-largest behind its U.S. headquarters.

The Rise of Blockchain in India

India has actively adopted blockchain technology, with around 50% of local and state-level governments incorporating blockchain in their data management systems and verifiable certificate issuances. A recent survey showed that over 56% of Indian firms expressed interest in enterprise blockchain. The country has an estimated Web3 developer base of 10 million individuals, and between 2021 and 2022, 450 Web3 startups in India received $1.5 billion in investments.

Supporting Innovation in Nonfungible Tokens and Asset Marketplaces

Gemini's Gurgaon center also acts as a developer for the exchange's new features in nonfungible tokens (NFTs) and asset marketplaces. With the rising popularity of NFTs, Gemini aims to leverage the talent and resources in India to drive innovation in this space.

A Bright Future for Gemini in India

With its significant investment and the Indian government's support for startups, Gemini's expansion in India positions it for success in the country's thriving cryptocurrency and blockchain industry. As the Gurgaon center continues to grow and contribute to Gemini's global operations, India's role as a key player in the crypto ecosystem is set to strengthen.