In a recent crypto-related blog post, Gemini disclosed its intentions to invest a substantial amount of INR 200 crore, translating to $24 million USD, in a two-year timeframe. The primary focus of this investment will be directed towards Gemini’s technology development center situated in Gurgaon, India, which was initially unveiled in May.
Gemini has now formally announced the inauguration of an office situated in the heart of Campus Cyber Greens’ Cyber Hub, a prominent hub for digital assets and technological innovations. As of this month, Gurgaon is home to a workforce of over 70 professionals employed by Gemini. Furthermore, the exchange has also made public its ongoing recruitment initiatives to fill various positions in the region.
Exploring India’s Crypto Ambitions
Many notable figures in the digital asset’s sector have been making strides in the Indian market. In a recent update, the Global Crypto Adoption Index by Chainalysis has revealed that India maintains its status as the leading cryptocurrency market in the region, driving widespread grassroots adoption.
What’s more, it has risen to become the second-largest global cryptocurrency market by estimated transaction volume, surpassing even larger economies. Additionally, Pravijit Tiwana, the CEO of Gemini Asia Pacific, provided insights into the company’s interest in India in a statement, stating,
“Gemini is a startup at heart, and the Indian government has built a robust support framework that allows startups to thrive. In 2016, the Indian government launched the “Startup India” initiative, creating the conditions for a thriving startup ecosystem, which now ranks third globally.“
Nevertheless, the current focus on the area is unexpected, considering the government’s unclear stance on the cryptocurrency industry.