By
Temitope Olatunji
April 26th, 2024
Gemini began its venture into the Indian market earlier this year after it announced the opening of its second-largest office in Gurgaon.
One of the globally top-rated centralized cryptocurrency exchanges, Gemini Trust Company LLC, has announced plans to inject up to INR 200 crore, or about $24 million, into the economy of India in the next two years. According to the announcement, Gemini plans to grow its development center in Gurgaon into its second-largest office after the United States headquarters. In April this year, Gemini announced the opening of the Gurgaon Technology Development Center in India to enhance its global reach in facilitating digital assets adoption.
Gemini and Its Interest in India
Reportedly, Gemini’s office in Gurgaon holds more than 70 employees and more are expected to join in the coming months. Moreover, 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 more than 70 countries, the Gurgaon office is expected to offer technical support to other regional offices, thus enabling seamless growth in the near future. Moreover, India has been identified as a major market that every tech company intending to scale globally must first consider.
Gemini and the Market Outlook
According to on-chain data, Gemini held about 99.87k Bitcoins which increased by about 4.4k in the past 30 days. The cryptocurrency exchange is a favorite among most institutional investors due to its military-grade custodial services that are regulated in several jurisdictions including Canada, and the United States through New York. However, the crypto exchange has since accelerated its global market reach following the hostilities in the United States fueled by the SEC’s legal actions. Earlier this year, the United States SEC charged Gemini and its subsidiaries for offering unregistered offers and sale of securities to retail investors.
Earlier this year, Gemini cofounder Cameron Winklevoss announced that the firm had made Ireland its European headquarters, following the passage of the MiCA regulations. In this regard, Gemini is expected to play a crucial role in the future crypto mainstream adoption, more so the anticipated bull market after next year’s Bitcoin halving.
Awesome meeting this morning with @LeoVaradkar, the 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 that @Gemini has… pic.twitter.com/Iv3NmPTmju
— Cameron Winklevoss (@cameron) May 25, 2023
Notably, the Gemini crypto exchange does not have a native coin like Binance but instead operates native stablecoins dubbed GUSD. According to the latest crypto market data, the Gemini Dollar (GUSD) had a total market cap of about $302 million and a 24-hour trading volume of approximately $535k.
Bigger Picture
The Indian market has continued to slowly accommodate digital assets despite the prior government’s hostility. The overall crypto liquidity is expected to improve as more reliable infrastructure is developed across different parts of the world. Moreover, experts believe the number of crypto users will grow exponentially from about 420 million to billions in the coming years.