Gemini Allocates $24 Million for Expansion in India
Zach Anderson Sep 27, 2023 07:02
Gemini is set to invest $24 million in its Gurgaon development center in India, focusing on core platform areas like compliance and security. The move is part of Gemini's broader strategy to tap into India's burgeoning tech and startup ecosystem.
Key Takeaways
- Gemini plans to invest INR 200 crore ($24 million USD) in India over the next two years.
- The investment aims to grow Gemini's development center in Gurgaon, focusing on core platform fundamentals.
- India's robust startup ecosystem and technological advancements make it an attractive destination for Gemini.
Investment Details
Gemini, the cryptocurrency exchange, has announced plans to invest INR 200 crore ($24 million USD) in India over the next two years. The investment will primarily focus on expanding the company's development center in Gurgaon. As of September 2023, the center has already grown to over 70 staff members, supporting various aspects of Gemini's business.
Strategic Focus
The Gurgaon-based teams will be responsible for core platform fundamentals, including compliance, data pipelines and warehousing, security, and payments. This expansion complements Gemini's existing 500+ strong global workforce. The center will also act as a developer for the exchange's new features in nonfungible tokens and asset marketplaces.
Why India?
Gemini cited India's "robust support framework that allows startups to thrive" as a key reason for the investment. The Indian government's Startup India initiative and the country's ranking as the third-largest global startup ecosystem make it an attractive destination for technological investments. Additionally, India has been actively adopting blockchain technology, with a significant number of local and state-level governments incorporating it into their data management systems.
Broader Context
The investment aligns with Gemini's disclosed plans for international growth in the Asia-Pacific region. Pravjit Tiwana, the firm’s CEO for the APAC region, referred to India as a "global hub for entrepreneurship and technological development." Between 2021 and 2022, India saw investments of $1.5 billion in 450 Web3 startups, indicating a fertile ground for blockchain and crypto-related ventures.
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