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Gemini is the latest American crypto firm that is making a move offshore after a crackdown on the crypto space.
United States-based cryptocurrency exchange Gemini has revealed its plans to tap into India’s pool of tech talent with the foundation of a new engineering hub in the country. In a statement by Gemini’s international chief technology officer, Pravjit Tiwana declared that the exchange is presently in the middle of launching an engineering center in Gurgaon, India. It also claimed that this would be the exchange’s second-largest engineering hub, besides the one in the United States.
Tiwana will be supervising the entire project and has been appointed as the Chief Executive Officer of Gemini Asia Pacific along with his parallel role as the Global Chief Technology Officer.
Gemini, which is the crypto exchange by the Winklevoss twins disclosed the development of its global engineering and operations teams. On April 20th, Gemini said that it was opening a new office in Gurgaon, India. It is the latest American crypto firm that is making a move offshore after a crackdown on the crypto space.
The Gemini crypto exchange is still a US-based company for now, but the regulatory crackdown has been pushing crypto firms to relocate to more favorable countries. Recently, Coinbase, which is one of the largest cryptocurrency exchanges in the world, revealed its plans to open an offshore exchange in Bermuda. The decision to not move the exchange to India is probably because the cryptocurrency regulations in the country are not imposed with clarity. However, they are taking shape. In the previous month, the finance minister of India suggested the creation of a common crypto framework for G20 countries.
According to Tiwana, the company is actively hiring software engineers and technical product managers to work from the Gurgaon office along with other key roles like human resources, talent acquisition, finance, and support. In another statement by Tyler and Cameron Winklevoss, the exchange has huge plans for international growth this year in APAC. The India unit is supposedly working on a wide remit, with Gemini claiming that it will develop web and mobile user experiences, and contribute to platform compliance, data pipelines, warehousing, security, and payments.
The hub will also design new characteristic feature sets for Gemini NFT and crypto asset marketplaces. The products and features in India will be used by more than seventy countries worldwide.
The development follows Gemini’s disclosure on April 12th about its pre-registration filing with the Ontario Securities Commission, which is the regulator responsible for the capital markets in Canada’s most populous region. This is one of the prerequisites for crypto exchanges looking to make business in Canada and become restricted dealers in the country.