Gemini, one of the leading cryptocurrency exchanges, is set to deepen its roots in India by investing a substantial sum of INR 200 crore, equivalent to $24million, into its technology development centre. This strategic move is part of Gemini’s ambitious expansion plans for the subcontinent.
The development comes after Gemini’s earlier announcement in May, which unveiled the establishment of this technological powerhouse in Gurgaon, India.
Fast forward to today, and Gemini has officially unveiled its new office, situated within the Cyber Hub of Campus Cyber Greens, a hub for cryptocurrency and technology innovation. With more than 70 professionals already on board in Gurgaon, Gemini aims to double its workforce at this cutting-edge facility.
The newly announced funding will reach the team over the next two years as its plans of “deepening our investment in the country” takes shape.
In the recent statement, Gemini expressed its intent to significantly increase its talent pool, focusing on recruiting professionals for various critical functions, including engineering, design, and operations.
The Gurgaon-based teams will play a pivotal role in strengthening compliance, fortifying security measures, and enhancing payment systems for Gemini’s core platform.
Pravijit Tiwana, the CEO of Gemini Asia Pacific, said: “Our teams based in Gurgaon will also be responsible for core platform fundamentals in the areas of compliance, data pipelines and warehousing, security, and payments, complementing our 500+ strong global workforce.”
Navigating crypto tax challenges in India
Gemini’s significant investment into the India-based team comes at a time when the country’s cryptocurrency landscape is grappling with hefty taxes. India has imposed large taxes on crypto holdings and transfers, with a 30% rate on these transactions.
Furthermore, traders are barred from offsetting their losses against profits, making the tax burden even more challenging.
In addition to these taxes, the Indian government has introduced a 1% tax deduction at the source for every crypto buy or sell trade, a move aimed at closely monitoring the movements of crypto funds within the country.
Gemini bets on India becoming a crypto hub
Despite these challenges, India remains a hotspot for cryptocurrency enthusiasts and businesses. According to Chainalysis’ Global Crypto Adoption Index, India retains its position as the most significant cryptocurrency market.
India has also surged to become the world’s second-largest crypto market by estimated transaction volume, outpacing major economies on the global stage.
In the recent press release, Tiwana explained why the company is eyeing India as a pivotal market. He said: “India is undoubtedly a leading global hub for entrepreneurship and technological development. We are thrilled to build Gemini’s presence in India as we continue on our mission to unlock the next era of financial, creative, and personal freedom with crypto and Web3 innovation!”
However, the crypto sector’s newfound attention in India is juxtaposed with criticism of the government’s somewhat ambiguous stance on the industry, leaving many in the cryptocurrency community eager for clearer regulations and a more defined roadmap for the future.
Meanwhile, Gemini has praised India. The exchange stated: “Gemini is a startup at heart, and the Indian government has built a robust support framework that allows startups to thrive.”
