Gemini Takes on Asia: A Crypto Odyssey Amidst the US Crypto War

Gemini Takes on Asia: A Crypto Odyssey Amidst the US Crypto War

Key Highlights

  • After Coinbase, Gemini plans to exit the US crypto market
  • Gemini to venture into the Asian crypto market with its second-largest headquarter in Gurgaon
  • India's growing crypto awareness offers a new scope to Gemini

With the continuous contention regarding crypto laws between various stakeholders and organizations in the US, crypto exchange platforms are gradually planning to expand into other countries.

While Coinbase is expected to leave the US and offer offshore trading opportunities in Bermuda, Gemini is all set to expand into Asia.

Needless to mention, the long-lasting crypto wars in the US saw a departure of several platforms and a declining rate of investments in the crypto market, indicating a bleak future. 

Gemini To Reconsider Its Us Operations

Founded by the Winklevoss brothers, Gemini is a US-based crypto trading platform headquartered in New York. However, the recent crypto wars and controversies regarding US crypto rules have proven to be detrimental for various crypto trading platforms, and Gemini is no different.

In fact, the continuous contention between the Republicans and the Securities and Exchange Commission has caused quite some backlash in the crypto market. 

The lack of comprehensive policies and regulations and the enforcement of crypto trading firms to register under the National Securities Exchange also added fuel to the fire, with several platforms fighting legal battles against the SEC to find their way through the crypto market.

Thus, Gemini's shift to a global market is no surprise. The company also announced the launch of an international training platform, which marks the beginning of a new crypto trajectory. 

Gurgaon: Gemini's Second-largest Headquarters

Gemini has announced its new headquarters would be situated in Gurgaon, indicating the company's expansion into the Asian crypto market. In fact, Gemini's Asia Pacific CEO, Pravjit Tiwana, also claimed that the Gurgaon headquarters would be the second largest after New York. 

The shift is also indicative of greater recruitment in the crypto network as Gemini is expected to hire software designers and engineers for designing next-generation web and mobile experiences.

Tiwana also declared the company would hire for finance and accounting, human resource management and talent acquisition, and for similar posts. Thus, the company would mainly focus on expanding its global operations by setting a base in India. 

Indian Crypto Laws- A Red Flag for Gemini? 

While Gemini is all set to expand its global operations in India, the company is still rethinking shifting the exchange to another country. India's lack of crypto knowledge and awareness might indeed generate lower results than expected in the field of crypto exchange, and hence Gemini has limited its expansion to operations alone. 

The rigid crypto policies and the Central Bank's disdain regarding the crypto market might be additional factors behind Gemini's decision.

However, with an increased effort from the regulatory bodies in India, and a growth in crypto trading activities in the last few years, Gemini remains hopeful. Perhaps, the company is planning to shift bit-by-bit to know its new market better. 

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