April 19, 2024
Gemini Invests $24 Million in Indian Expansion
Latest Cryptocurrency News

Gemini Invests $24 Million in Indian Expansion

The Indian expansion of cryptocurrency exchange Gemini will cost 2 billion rupees ($24 million).

The cash would be utilized, according to the statement made on September 26, to expand Gemini’s Gurgaon development centre.

“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

The Gemini Gurgaon Development Center has grown to over 70 employees since its May opening, and there are now open positions for software engineers, technical product managers, talent acquisition, finance, support, and compliance. Gemini defended the growth by pointing to the “robust support framework that enables startups to thrive” provided by the Indian government. Additionally, the website serves as a developer for the exchange’s future nonfungible tokens and asset marketplace functionalities.

In April, Gemini said that it has “big plans for international growth this year in APAC,” or the Asia-Pacific area. Its activities in India are anticipated to be the second-largest after Gemini’s American headquarters. The company’s CEO for the Asia Pacific area, Pravjit Tiwana, referred to India as a “global hub for entrepreneurship and technological development.”

Around 50% of municipal and state-level governments in India have actively embraced blockchain technology, integrating it into their data management platforms and verifiable certificate issuance processes. In a country with an estimated 10 million Web3 developers, more than 56% of Indian businesses have shown interest in enterprise blockchain. 450 Web3 firms in India earned $1.5 billion in financing between 2021 and 2022.

Image: Wallpapers.com

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