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Gemini began its venture into the Indian market after announcing the opening of its second largest office in Gurgaon earlier this year.
Gemini Trust Company LLC, one of the top-rated centralized cryptocurrency exchanges globally, has announced Plan of Up to Rs 200 crore or approximately $24 million will be invested in the Indian economy in the next two years. According to the announcement, Gemini plans to grow its development center in Gurgaon as its second largest office after the United States headquarters. In April this year, Gemini announced the opening of Gurgaon Technology Development Center in India to expand its global reach in facilitating the adoption of digital assets.
Gemini and its interest in India
Reportedly, Gemini has over 70 employees at its office in Gurgaon and more are expected to join in the coming months. Additionally, the cryptocurrency exchange announced that it has opened its office within the Cyber Hub at Campus Cyber Greens, a cutting-edge center for crypto and technology innovation.
with Gemini Available in over 70 countries, the Gurgaon office is expected to provide technical support to other regional offices, leading to seamless growth in the near future. Furthermore, India has been identified as a key market that every tech company intending to expand globally should first consider.
Gemini and Market Outlook
According to on-chain data, Gemini held approximately 99.87k Bitcoins, increasing by approximately 4.4k over the past 30 days. The cryptocurrency exchange is a favorite among most institutional investors due to its military-grade custodial services, which are regulated in multiple jurisdictions, including the United States through Canada and New York. However, the crypto exchange has accelerated its global market reach after facing hostility in the United States due to SEC legal actions. Earlier this year, the United States SEC charged Gemini and its subsidiaries with unregistered offers and sales of securities to retail investors.
Earlier this year, Gemini co-founder Cameron Winklevoss announced that the company had made Ireland its European headquarters following the passage of MiCA regulations. In this regard, Gemini is expected to play a key role in driving crypto mainstream adoption in the future, especially in the anticipated bull market following next year’s Bitcoin halving.
wonderful meeting with this morning @LeoVaradkar, Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced this @Gemini Is… pic.twitter.com/Iv3NmPTmju
– Cameron Winklevoss (@Cameron) 25 may 2023
Notably, the Gemini crypto exchange does not have a native coin like Binance, instead it operates a native stablecoin called GUSD. According to the latest crypto market data, Gemini Dollar (GUSD) had a total market capitalization of approximately $302 million and a 24-hour trading volume of approximately $535k.
The Indian market has continued to slowly accommodate digital assets despite the hostility from the former government. Overall crypto liquidity is expected to improve as more reliable infrastructure is developed in different parts of the world. Furthermore, experts believe that the number of crypto users will grow rapidly from approximately 420 million to billions in the coming years.
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