New York-based crypto exchange, Gemini, has announced expansions of its operations in the Asia Pacific (APAC ) region. The company sees this region as a catalyst for future growth in the crypto space.
The exchange stated:
“We believe that APAC will be a great driver of the next wave of growth for crypto and Gemini.”
In a blog post on June 19, the exchange announced plans to increase its workforce in Singapore to over 100 employees and launch an engineering base in India. Meanwhile, the Singapore office is said to serve as a regional hub for larger APAC operations.
The crypto platform has indicated that major expansion plans will be completed in the region over the next 12 months.
Gemini’s expansion comes as US financial regulators increasingly scrutinize the crypto industry and exchanges. The company revealed in April that it was planning to expand into Asia and establish crypto development operations outside the United States.
In a separate statement, the exchange said it is establishing its second-largest engineering center outside the US in Gurgaon, India. The hub will assist in creating better web and mobile experiences for users, focusing on essential aspects like payments and security. It would also build new features for the exchange’s NFT marketplaces.
However, the company is actively hiring technical product managers and software engineers in India.
Gemini Is Increasingly Turning To Asia
Owned by brothers Tyler and Cameron Winklevoss, Gemini has a long-standing interest in the APAC region. The company announced support for the Singapore Dollar (SGD) in December 2020, allowing residents to purchase and sell cryptocurrencies easily. Moreover, Gemini also supports the Australian Dollar (AUD) and Hong Kong Dollar (HKD), serving a broader APAC customer base.
In December 2020, the company said that Singapore is the fastest-growing crypto market and a financial center in the heart of Asia. Gemini was the first US crypto exchange to introduce SGD trading pairs.
The exchange’s expansion into the APAC region could be a strategic decision to strengthen its presence outside the US. This move aligns with the evolving cryptocurrency landscape and changing regulations, especially in the US, where regulatory pressure is constantly rising.
The US financial regulator recently sued Coinbase and Binance US, alleging they are operating illegally.