Cryptocurrency exchange Gemini has invested 2 billion rupees (~$24 million) to expand its business in India.
According to a press release, the funds will be used to develop the company’s development center in Gurgaon. Since its launch in May, Gemini Gurgaon has grown to over 70 employees. The company’s plans for expansion in India first became known in April.
We are currently actively recruiting programmers, technical managers, as well as legal and financial specialists.
“Our Gurgaon-based colleagues will also be responsible for the platform’s core compliance, data processing, security and payments functions, complementing our team of over 500 employees globally,” the trading platform said.
Among the advantages of the jurisdiction, Gemini highlighted “a reliable government support system that allows startups to flourish.” The company’s Asia-Pacific CEO Pravjit Tiwana called India a “global hub for entrepreneurship and technological development.”
It is expected that the volume of exchange operations in the country will take second place after the United States.
In March, it became known that the platform intends to launch a crypto derivatives platform oriented towards the international market. According to media reports, Gemini will allegedly register a new service outside the United States.
Later, the exchange’s founders, Tyler and Cameron Winklevoss, said they were considering the UK as a location for their second headquarters. According to the brothers, this decision was made due to the “hostile” regulatory climate in the United States.
In June 2022, the US Futures Trading Commission sued Gemini. The documents alleged that the platform misled the regulator regarding Bitcoin futures contracts.
Early 2023 SEC also accused the exchange of unlicensed trading of securities through the Earn service. Previously, the company suspended payments under the program amid financial problems of its main partner, the OTC platform Genesis Global Capital.
Let us remind you that as part of the expansion, Gemini opened a second headquarters in Dublin (Ireland). The company has already received registration from the local central bank.
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