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Global cryptocurrency exchange Gemini has announced a significant $24 million investment to expand its operations in India. They are focusing on strengthening their development center in Gurgaon.
This decision is driven by India’s immense potential in the tech and blockchain sectors. Gemini opened its Gurgaon Development Center in May and has already grown its team to over 70 members, actively hiring for various roles.
Pravjit Tiwana, CEO for the APAC region at Gemini, has expressed confidence in India’s status as a global hub for entrepreneurship and technology. He highlighted the Indian government’s support for startups, which has been crucial to Gemini’s expansion plans. The Gurgaon center will play a vital role in core platform development, particularly in compliance, data management, security, and payments.
Gemini aims for its India operations to become the second-largest after its U.S. headquarters, demonstrating its commitment to the Indian market. The company is also exploring opportunities in the Asia-Pacific region as part of its global growth strategy.
However, Gemini has faced legal challenges, including a class-action lawsuit in December 2022 alleging improper securities registration for interest-bearing accounts. In May 2023, the Philippines Securities and Exchange Commission (SEC) issued a notice to Gemini for operating without proper authorization in the country.
India’s cryptocurrency landscape offers promise but also faces regulatory scrutiny. Despite these challenges, the crypto and blockchain ecosystem in India continues to attract entrepreneurs and investors. As Gemini expands in India, it navigates the complexities of regulatory landscapes that cryptocurrency exchanges encounter as they aim for global prominence.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.