Cryptocurrency exchange Gemini is allocating Rs 2 billion ($24 million) for its expansion in India. According to the September 26 announcement, the funds will be used to develop Gemini's development center in Gurgaon. Gemini says our teams based in Gurgaon will also be responsible for core platform fundamentals in the areas of compliance, data pipeline and warehousing, security and payments, complementing our strong global workforce. Since its initial launch in May, Gemini's Gurgaon development center has expanded to over 70 employees with active hiring for software engineers, technical product managers, talent acquisition, finance, support and compliance.Supporting the expansion, Gemini cited the Indian government's strong support framework that allows startups to flourish. The site also serves as a developer for new exchange features in non-fungible token and asset marketplaces.In April, Gemini revealed big plans for international growth this year in APAC, referring to the Asia-Pacific region. Gemini's Indian operation is expected to be the second largest operation after America. Pravjit Tiwana, the firm's CEO for the APAC region, has called India a global hub for entrepreneurship and technological development.
India is actively adopting blockchain technology, with nearly 50% of local and state-level governments incorporating it into their data management systems and certificate issuance. In a recent survey, more than 56% of Indian companies have expressed interest in enterprise blockchain based on an estimated Web3 developer base of 10 million individuals. Between 2021 and 2022, 450 Web3 startups in India have received investments worth $1.5 billion. India is also taking interest in cryptocurrency investment, 20 percent of India's population is investing in cryptocurrency. This means that one-fifth of the total population of the country is an investor in the cryptocurrency market. Apart from this, India has also been at the forefront in Chainalysis's 2023 Global Crypto Adoption Index. According to the Chainalysis Index, India remains the largest cryptocurrency market and leads the way in grassroots adoption. It is even ahead of other major economies.