Gemini earmarks $24 million for expansion in India

The cryptocurrency exchange Gemini инвестировала 2 billion rupees (~$24 million) to expand its business in India.

According to the press release, the funds will be used to develop the company’s development center in Gurgaon. Since its May launch, the Gemini Gurgaon team has grown to more than 70 employees. For the first time, plans of the firm’s expansion into India came to light in April.

Active recruitment is currently underway for developers, technical managers, as well as legal and financial specialists.

“Our colleagues based in Gurgaon will also be responsible for the platform’s core capabilities in compliance, data processing, security and payments, complementing our team of more than 500 employees worldwide,” said representatives of the trading platform.

Among the jurisdiction advantages, Gemini highlighted “a reliable government support system that allows startups to thrive.” Pravjit Tiwana, the Chief Executive for the Asia-Pacific region, called India a “global hub of entrepreneurship and technology development.”

Trading volumes on the exchange in the country are expected to be second only to the United States.

In March, the company intends to launch a crypto-derivative platform oriented toward international markets. According to media reports, Gemini is set to register the new service outside the United States.

Later, founders Tyler and Cameron Winklevoss stated that they are considering the United Kingdom as the site for a second headquarters. According to the brothers, the move was prompted by the “hostile” regulatory climate in the United States.

In June 2022 the U.S. Commodity Futures Trading Commission filed a lawsuit against Gemini. The documents claimed that the platform misled regulators regarding bitcoin futures contracts.

Earlier in 2023 the SEC also accused the exchange of unlicensed trading of securities through the Earn service. The company had previously suspended payments under the program amid the main partner’s financial problems — the Genesis Global Capital OTC platform.

As part of Gemini’s expansion, opened a second headquarters in Dublin, Ireland. The company has already obtained registration with the local central bank.