In the latest announcement, crypto exchange Gemini announced its plans to make an aggressive push in India despite all the regulatory uncertainties in the market. The company plans to more than double its headcount over the next two years by investing $24 million (INR 200 crore) at Gemini’s development center in Gurgaon, India.
Gemini’s CEO of APAC region, Prawjit Tiwana said: “Today, we are delighted to build on that announcement and reveal that we have opened our office within the Cyber Hub at Campus Cyber Greens, a cutting-edge center for crypto and technology innovation. As of this month, there are 70+ world-class Gemini employees based in Gurgaon supporting all facets of our business”.
He further added that the company plans to take the benefit of India’s thriving startup ecosystem. Gemini, at its core, is a startup, and the Indian government has established a strong support infrastructure to foster the growth of startups. Back in 2016, the Indian government initiated the “Startup India” program, laying the foundation for a vibrant startup ecosystem that currently ranks third worldwide.
India undeniably stands as a prominent global center for entrepreneurship and technological advancement. We are excited to expand Gemini’s footprint in India as we persist in our mission to usher in the next era of financial, creative, and personal empowerment through crypto and Web3 innovation, noted Tiwana.
Gemini’s Push In India’s Crypto Market
Earlier this year in April 2023, crypto exchange Gemini started seeing strong opportunities in the Indian market while announcing its expansion plans. Although India’s regulatory landscape remains strict with a heavy tax on crypto profits, Indian investor participation continues to grow.
As reported last week, India accounts for 20% of the global crypto activity and ranks second in the world in terms of crypto adoption. From July 2022 to June 2023, India took the lead in transaction volume, boasting an estimated $268.9 billion in crypto assets. Furthermore, the country claimed the top spot on Chainalysis’ Global Crypto Adoption Index, a metric that gauges the grassroots adoption of the crypto ecosystem.
recently, Wazir chief said that India’s heavy taxes on crypto profits can last for two more years.
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