Gemini revealed that it was opening a new office in Gurgaon, India. It is the latest large American crypto company to make a move offshore amid an ongoing crackdown on the industry.
The Gemini crypto exchange remains U.S.-based for now, but that may change if the regulatory enforcement crackdown continues.
Tiwana confirmed that Gemini engineering, design, and operations teams in India would make significant contributions in several areas. These include the development of its next-generation web and mobile user experiences. He said there would also be work on compliance, data pipelines, warehousing, security, and payments.
New feature sets for the firm’s NFT and crypto asset marketplaces will also be developed in India.
The decision not to move the exchange to India may be due to the fact that crypto regulations remain in a state of limbo. The central bank harbors a lot of disdain for digital assets, and the government has yet to fully embrace them.