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Cryptocurrency exchange Gemini is allocating 2 billion rupees ($24 million) to support its expansion efforts in India.
In an announcement made on September 26, the company stated that the funds will be directed toward growing its development center in Gurgaon. The exchange explained:
“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.”
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Since its launch in May, the Gemini Gurgaon Development Center has grown to employ more than 70 people. The company is actively recruiting for roles including software engineers, technical product managers, talent acquisition specialists, finance personnel, support staff, and compliance officers. Gemini highlighted the Indian government’s “robust support framework that allows startups to thrive” as a key factor in supporting this expansion. The center also serves as a developer hub for the exchange’s new features related to nonfungible tokens and asset marketplaces.
In April, Gemini revealed “big plans for international growth this year in APAC,” referring to the Asia-Pacific region. Its operations in India are projected to become the second-largest, trailing only the company’s headquarters in the United States. Pravjit Tiwana, the firm’s CEO for the APAC region, described India as a “global hub for entrepreneurship and technological development.”
India has been actively integrating blockchain technology, with approximately 50% of local and state-level governments incorporating it into their data management systems and verifiable certificate issuances. A recent survey indicated that over 56% of Indian firms are interested in enterprise blockchain solutions within a country that boasts an estimated Web3 developer base of 10 million people. Between 2021 and 2022, 450 Web3 startups in India secured $1.5 billion in investments.
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