Gemini disclosed its intention to invest a substantial amount of INR 200 crore, equivalent to $24 million USD.
Despite the complex legal environment, Gemini, a cryptocurrency exchange co-founded by the Winklevoss twins, intends to increase its presence in India.
The New York-based cryptocurrency exchange stated in a blog post on Tuesday, Sept. 26 that it intends to invest INR 200 crore ($24 million) over the next two years to “grow our development center in Gurgaon.”
The exchange also stated in a post on X that it intends to quadruple the number of workers working in the Cyber Hub at Campus Cyber Greens (located in Gurgaon), with the investment from 70 to more than 150.
Gemini stated it intends to increase staffing across engineering, design, and operations departments even though no financial information regarding the investment was given.
According to Gemini, as part of the exchange’s “core platform fundamentals,” teams headquartered in Gurgaon will also work on compliance, payments, and security.
In April 2023, Gemini opened its doors for the first time in Gurgaon as a part of the business’s APAC expansion objectives. The Gurgaon office is the second-largest engineering hub on the exchange after the United States.
Additionally, Gemini has locations in Singapore, Ireland, and the United Kingdom. The announcement coincides with local cryptocurrency obstacles. India is expected to maintain onerous cryptocurrency tariffs until at least 2025, previously reported.
Nischal Shetty, CEO of WazirX, claims that the Indian government has not yet held any discussions on the subject with parliamentarians or the business community.
India enacted a new regulation in April 2022 that taxes ownership and transactions of digital currency by 30%. The bill states that dealers must not deduct losses from gains.
In an effort to check the movements of cryptocurrency funds, India has also implemented a tax deduction at a source of 1% on each purchase or sell trade.
