Recent news revealed the Gemini platform as the latest crypto firm planning to shift business offshore following the harsh crypto laws in the US. Some other giant crypto firms, like Coinbase exchange, reportedly made the same move a few days ago.
According to the news report, Gemini Exchange recently announced its plans to shift its business focus from the US to India. It stated its desire to take advantage of India’s vast tech talents by deploying an engineering hub.
Pravjit Tiwana, the CTO of Gemini, claimed that the exchange plans to launch an engineering hub in Gurgaon, India. Tiwana also added that the hub under construction would be the second-biggest engineering hub next to their US branch.
Furthermore, the report showed that Tiwana would oversee the project, supervising the hub development. In addition, he has also been chosen as Gemini Asia Pacific’s CEO, and he also retains his role as the global CTO for all Gemini branches.
Gemini Exchange Founders Plan To Move Offshore
On April 20th, the Winklevoss twins who founded the Gemini Exchange disclosed their plans to create a global engineering hub and the teams in charge of the project. In the announcement, they stated that the gigantic engineering hub is already under construction in the Gurgaon region, India.
Explaining further, the exchange claimed that the current harsh crypto rules enforced by regulators in the United States majorly influenced its decision to shift its business focus towards crypto-friendly countries like India. However, the firm emphasized that it is still very much based in the US.
Similarly, the biggest crypto exchange in the US, Coinbase, recently announced its intentions to move its business offshores soon. However, unlike Gemini, it plans to launch a branch in Bermuda instead of India. Explaining the reason, Coinbase suggested that Indian regulators are currently enforcing crypto regulations without sufficient clarity.
Nonetheless, Indian regulators are improving their crypto regulation framework, according to a report. In March, the Indian minister for finance proposed a general cryptocurrency framework for G20 nations.
Meanwhile, Tiwana announced that Gemini Exchange would be recruiting software engineers and experts in tech product management, finance, human resources, etc., to work in its Gurgaon branch that is under construction.
Winklevoss Brothers To Launch Improved Gemini Branch in India
In addition, the Winklevoss brothers, Cameron and Tyler, stated that they have huge development plans for the exchange in 2023 in APAC. They added that the Indian branch is just the tip of the iceberg of their projects.
Gemini wants to create mobile and web user experiences and improve the platform’s compliance, database, storage unit, security, transaction processes, and other functionality. Additionally, the new hub would have new features for digital assets marketplaces and Gemini non-fungible tokens.
This set of new functionality and products to be featured on the new branch in India would be accessible to over seventy nations globally, according to the report. Before the India hub development update, Gemini announced its pre-registration application with the Ontario Securities Commission (OSC) on April 12th.
The OSC is the agency in charge of capital markets in Canada’s biggest city. The process is mandated for platforms that intend to do crypto-related businesses in Canada.
