Summary:
- Gemini, a cryptocurrency exchange, is allocating $24 million for its expansion in India.
- The funds will be used to grow Gemini’s development center in Gurgaon.
- The expansion is supported by the Indian government’s startup-friendly environment.
- The Gemini Gurgaon Development Center has already expanded to over 70 staff.
- Gemini’s India operations are expected to be the second-largest behind its US headquarters.
- India is actively adopting blockchain technology, with many state-level governments incorporating it in their systems.
- Over 56% of Indian firms have expressed interest in enterprise blockchain.
- 450 Web3 startups in India received $1.5 billion in investments between 2021 and 2022.
Details:
Cryptocurrency exchange Gemini is allocating $24 million for its expansion in India. The funds will be used to grow Gemini’s development center in Gurgaon. The center has already expanded to over 70 staff and continues to hire for various positions. Gemini cited the Indian government’s support framework for startups as a reason for its expansion. The center is responsible for core platform fundamentals and plays a role in developing new features like nonfungible tokens and asset marketplaces.
Gemini had previously announced its plans for international growth in the Asia-Pacific region, with India operations expected to be the second-largest behind its US headquarters. Pravjit Tiwana, CEO for the APAC region, called India a global hub for entrepreneurship and technological development.
India is actively adopting blockchain technology, with around 50% of local and state-level governments incorporating it in their data management systems and verifiable certificate issuances. In addition, over 56% of Indian firms have expressed interest in enterprise blockchain. The country has a significant Web3 developer base of 10 million individuals, and 450 Web3 startups in India received $1.5 billion in investments between 2021 and 2022.
