- Gemini recently announced its plans to invest $24 million in India over the next two years.
- India is home to a number of global and local crypto firms.
New York-based crypto exchange Gemini, led by the Winklevoss twins, recently appointed Sachin Ranglani as the Vice President and Head of its India operations, the Financial News reported on 9 October.
Ranglani previously served Paytm, a major Indian fintech company, as senior vice president of product management for three years. He also worked at Uber, Amazon and Infosys earlier.
Note that Gemini recently announced its plans to invest $24 million in India over the next two years. It also announced its plan to double its workforce in its Gurgaon office from 70 to more than 150 employees.
In fact, Gemini had set up its office in Gurgaon in April 2023 as part of its Asia-Pacific (APAC) expansion plans. It was actively hiring for a number of key roles, including software engineers, product managers, and talent acquisition managers for the Gurgaon office.
In June, the firm said that it would increase workforce in Singapore as part of its expansion outside the U.S.
India emerging as a major crypto center in Asia
India is home to a number of global and local crypto firms. The country topped Chainalysis’ 2023 Global Crypto Adoption Index, released last month.
Coinbase launched crypto trading in India in 2022. However, it was forced to discontinue the service due to concerns over the mode of payment. There was some confusion last month as to whether its wallet services were active or not.
The exchange clarified that its wallet services were still available to Indian customers. The firm already has its tech hub in India since 2021 which builds for the APAC region and the world.
BitGo also has a significant presence in India. The country also has a number of local crypto exchanges, including WazirX, CoinDCX, and Coinswitch.
Gemini battles DCG and SEC in the U.S.
Meanwhile, Gemini is embroiled in a legal battle with Genesis’ parent company, Digital Currency Group (DCG).
In January, Genesis declared bankruptcy. Gemini sued DCG afterwards in July, claiming that it misinterpreted financial statements in order to recover Gemini Earn funds from Genesis.
In August, DCG moved to court to have Gemini’s lawsuit dismissed.
Gemini is also facing regulatory heat in the U.S. as the Securities and Exchanges Commission (SEC) sued it for an alleged unregistered sale of crypto securities. In May, the exchange moved to court to have the lawsuit dismissed.
