The US-based cryptocurrency exchange – Gemini – announced plans to establish a new engineering hub in Gurgaon, India. This will be the company’s second Asian location, as previously it opened an office in Singapore.
The expansion outside the US coincides with the regulatory uncertainty in the States. The CEO of Coinbase – Brian Armstrong – recently opined that many American crypto firms could relocate if the watchdogs continue their scrutiny over the industry.
Setting Eyes on Asia
Pravjit Tiwana – the newly appointed CEO of Gemini Asia Pacific – explained that the company has picked India as its next destination because it has “deep respect and admiration” for its “tradition of engineering excellence.”
He said the center in Gurgaon has already started looking for software engineers and technical product managers that could lead Gemini’s efforts on Asian soil. Tiwana added that the office will be the second-largest company hub behind the one in the United States. The exchange has also set foot in Singapore, the United Kingdom, and Ireland over the past few years.
The CEO outlined that the products and features built in the new location could be used by institutional and retail clients in more than 70 nations. The newly-formed team will aim to develop next-generation Web and mobile user experience 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.
The latest foray seems like a breath of fresh air for Gemini, which took a serious beating during the bear market. It laid off a chunk of its employees in the summer of 2022 and continued the dismissal spree in January 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 on digital asset operations in the States could be one reason why some American firms have started strengthening their global presence.
Coinbase’s CEO Brian Armstrong recently urged the domestic authorities to apply pertinent 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.”
His exchange secured a regulatory license in Bermuda earlier this week and revealed plans to establish an offshore derivatives marketplace in the region.
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