In a push to solidify its global footprint, Gemini, a leading crypto exchange, has enlisted the expertise of former Paytm Vice President Sachin Ranglani to spearhead its expansion in India.
This comes on the heels of a $24 million investment plan to bolster operations in the country’s tech hub, Gurgaon.
Gemini Presses on in India Despite Rocky Regulations
Ranglani, an experienced fintech executive, served for three years as Paytm’s senior vice president of product management. He now takes the reins of Gemini’s India operations, overseeing a team of around 80 staff.
Pravjit Tiwana, Gemini’s global chief technology officer, announced plans to increase this headcount to over 100 by the end of 2023, with an ambitious target of nearly 200 by 2024. Tiwana praised the caliber of tech talent in India, stating,
“The quality of technology talent in India is great.”
Despite the aggressive expansion, Gemini has yet to launch a crypto exchange in India. This could be due to the country’s stringent crypto taxation policies, which include a flat 30% tax on crypto gains and a 1% tax deduction at source for crypto transactions.
These regulations have significantly impacted trading volume in the country.
Making Footholds in the East
Gemini’s expansion into India is reflective of a broader trend among crypto firms. In March 2021, Coinbase opened its office in India and began hiring engineering staff. Meanwhile, BitGo, a California-based crypto custodian, is hiring for nearly a dozen roles for its Bengaluru office.
In addition to its India operations, Gemini is also focusing on building its business team in Singapore. The company plans to bolster its Singapore team to around 100, further diversifying its global presence.
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This move aligns with Gemini’s strategy to navigate the increasing scrutiny from US regulators and the challenges posed by the bankruptcy of Genesis.
Despite setbacks, Gemini remains optimistic about its growth prospects. The company’s leadership believes that the “Startup India” initiative, a government program aimed at fostering entrepreneurship and technological development, will aid Gemini’s expansion.
As Gemini continues to expand its global operations, its commitment to investing in talent and technology underscores its ambition to become a crypto exchange market leader.
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