Crypto exchange Gemini is ramping up its operations in India, despite facing a challenging regulatory environment. Led by former Paytm VP Sachin Ranglani and backed by a $24 million investment in Gurgaon, the company aims to grow its Indian workforce from 80 to nearly 200 by 2024. This move comes as Gemini continues to pursue its ambition for leadership in the crypto market, even in the face of hurdles such as the Genesis bankruptcy.
The Indian government's taxation policies on cryptocurrencies have posed significant challenges for crypto businesses. These include a 30% tax on crypto gains and a 1% tax deduction on transactions. However, Gemini remains undeterred, viewing the country's tech talent pool as a valuable asset for its growth strategy.
Global CTO Pravjit Tiwana praised India's tech talent and sees potential for growth via the "Startup India" initiative. The company is also planning to expand its team in Singapore, further solidifying its presence in Asia.
Gemini's expansion efforts in India parallel those of other major players in the crypto industry. Coinbase (NASDAQ:COIN) has also been increasing its operations in the country, while BitGo has been actively hiring in Bengaluru.
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