Cryptocurrency exchange Gemini has announced an investment of 2 billion rupees (~$24 million) to expand its presence in India.
The company plans to use the funds to develop its development center in Gurgaon.
Since its launch in May, Gemini Gurgaon has grown to employ over 70 people.
The company first revealed its plans for expansion in India in April. Gemini stated that they are actively seeking to hire programmers, technical managers, as well as legal and financial experts.
The Indian team will be responsible for the platform’s key functions such as compliance, data processing, security, and payments, in addition to their main team of 500 employees worldwide.
One of the main benefits of operating in India, according to Gemini, is the strong government support for startups. Pravjit Tiwana, the company’s Asia-Pacific CEO, described India as a “global hub for entrepreneurship and technological development.”
The country’s volume of exchange transactions is expected to be second only to the United States.