Cryptocurrency exchange Gemini has allocated 2 billion rupees (around $24 million) to expand its operations in India.
Cryptocurrency Exchange Gemini Expands Its Operations In India
Cryptocurrency exchange Gemini has allocated
2 billion rupees (around $24 million) to expand its operations in India. The funds will grow Gemini's development center in Gurgaon, which currently employs over 70 staff in areas such as compliance, data, security and payments.
Gemini’s India office is expected to be their largest outside of the U.S., after the company announced major plans to grow their APAC presence. The exchange’s APAC CEO, Pravjit Tiwana, recognized India as a “global hub for entrepreneurship and technological development.”
According to a recent Chainalysis report, India was ranked second
in the world based on crypto transaction volume. Despite a substantial crypto capital gains tax of 30%, peer-to-peer trading platforms, decentralized finance (DeFi) applications and acceptance of cryptocurrencies by merchants has grown significantly.
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