Gemini, the US-based cryptocurrency exchange founded by the twin brothers Tyler and Cameron Winklevoss, has announced its plans to expand its operations in the Asia-Pacific (APAC) region.
The company’s leadership team recently visited the region on a global mission to drive the adoption of cryptocurrencies beyond the shores of the United States.
Gemini Sets Sights Beyond America
According to the announcement, over the next 12 months, Gemini aims to increase its headcount to over 100 in Singapore, which will serve as the hub for its larger APAC operations.
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The exchange launched support for SGD in December 2020, enabling Singapore residents to seamlessly access cryptocurrencies. Gemini also supports the Hong Kong dollar (HKD) and the Australian dollar (AUD).
Gemini’s support for the Singapore dollar (SGD) is an important step towards making cryptocurrencies accessible across the globe and providing more trading options for its customers.
The move comes as Gemini looks beyond its traditional US market and seeks to expand its presence in the fast-growing Asian market for cryptocurrency.
Singapore, in particular, is a financial epicenter in the heart of Asia and is increasingly becoming a popular destination for cryptocurrency companies seeking to tap into the region’s growing appetite for digital assets.
The company’s announcement is a positive development for the wider cryptocurrency industry, which is increasingly looking to Asia as a key growth market.
Gemini’s Engineering Base In India To Strengthen APAC Presence
The company also plans to set up an engineering base in India, based on software development and engineering operations to support Gemini’s growth in the region.
This move is not surprising, given the country’s reputation as a global technology hub with a large pool of skilled software engineers. India is home to some of the world’s leading technology companies such as Polygon (MATIC), and many global firms have established a presence in the country.
Furthermore, the company’s decision to establish an engineering base in India is a strategic move that will allow the exchange to leverage the country’s wealth of technical talent. This will also enable Gemini to expand its operations more efficiently in the region, as it seeks to capitalize on the growing demand for cryptocurrency services in Asia.
This will complement Gemini’s existing operations in Singapore, which serves as the hub for the company’s larger APAC operations. The expansion into the region is a significant step for Gemini as it looks to position itself as a leading player in the global cryptocurrency market.
The exchange’s move into APAC comes at a time when cryptocurrencies are gaining mainstream acceptance and adoption, and increasing regulatory pressure by the US Securities and Exchange Commission toward the nascent industry.
As the industry continues to mature, exchanges such as Gemini will no doubt play a vital role in driving the adoption of cryptocurrencies and blockchain technology in Asia and beyond.
Featured image from Unsplash, chart from TradingView.com