Gemini, a US-based cryptocurrency exchange, has announced plans to open a new engineering hub in Gurgaon, India. This will be their second Asian location, following the opening of an office in Singapore.
This move outside of the US coincides with regulatory uncertainty within the country. Brian Armstrong, CEO of Coinbase, has stated that many American crypto firms may relocate if regulators continue their scrutiny over the industry.
Expanding into Asia
Pravjit Tiwana, the CEO of Gemini Asia Pacific, stated that India was chosen as the next destination due to its “tradition of engineering excellence.” The center in Gurgaon has already begun searching for software engineers and technical product managers to lead Gemini’s efforts in Asia. Tiwana added that the office would be the second-largest behind the US hub. The exchange has also expanded into Singapore, the United Kingdom, and Ireland within the past few years.
The newly-formed team’s products and features could be beneficial for institutional and retail clients in over 70 countries. The team will aim to develop next-generation Web and mobile user experiences and introduce feature sets for NFT and crypto marketplaces.
“Although past experience in Web3 and crypto technologies is not a prerequisite, we are seeking builders who are inspired to learn quickly and work on cutting-edge technologies like DeFi, NFTs, DAOs, and Web3,” Tiwana added.
This move seems like a breath of fresh air for Gemini, which suffered during the bear market. The company laid off a portion of its employees in the summer of 2022 and continued the dismissal spree earlier this year. It also faced issues with the US SEC and the New York Department of Financial Services. The securities regulator filed a complaint against Gemini for allegedly selling securities to retail investors in America. For its part, the NYDFS accused the exchange of misleading Earn customers.
US Crypto Exodus on its Way?
The lack of a comprehensive regulatory framework for digital asset operations in the States may be why some American firms are beginning to strengthen their global presence.
Coinbase CEO Brian Armstrong recently urged domestic authorities to implement relevant rules on the space to prevent the outflow of companies and talent:
“This is the reason why we need clarity about legislation and regulation onshore because if the UK doesn’t have this, if the US doesn’t have this, these firms are going to be built in offshore havens.”
Coinbase recently secured a regulatory license in Bermuda and announced plans to establish an offshore derivatives marketplace in the region.