Gemini, the digital assets exchange led by Tyler and Cameron Winklevoss, has announced its plan to expand its operations in the Asia-Pacific (APAC) region. The company aims to increase its headcount in Singapore to over 100 employees in the next 12 months, according to a company announcement made on June 19, 2023. The Singapore office will serve as a hub for the company’s larger APAC operations as they believe that APAC will be the next driver of growth for cryptocurrency.
Gemini’s interest in the APAC region is not new. In December 2020, the company launched support for Singapore dollar (SGD), providing easy access for residents to cryptocurrency transactions. The platform also supports the Hong Kong dollar (HKD) and Australian dollar (AUD), catering to a broader APAC customer base. Singapore is a financial epicenter in the heart of Asia and a fast-growing market for cryptocurrency, according to Gemini.
Engineering Base in India
Gemini’s growth plan also includes the establishment of an engineering base in India, aimed at bolstering the company’s technical capabilities in the region. This move will help the company expand its presence and increase its ability to serve customers in the APAC market.
The Winklevoss-led company is positioning itself to leverage the expected growth in APAC’s cryptocurrency market, which is expected to be significant. This expansion into APAC may signify a strategic move to establish a more substantial presence outside of U.S. markets, where regulatory pressures are increasing by the day.
U.S. Regulatory Scrutiny
Gemini’s expansion comes at a time when U.S. regulatory bodies are increasingly scrutinizing cryptocurrency exchanges and the broader industry. The digital currency market continues to evolve, and Gemini appears to be adapting to regulatory shifts. The company’s expansion plan into the APAC region might be a response to regulatory pressures in the U.S. markets.
Gemini’s expansion into Singapore and the APAC region is a strategic move to establish a more significant presence outside of U.S. markets. The move will help the company leverage the expected growth in APAC’s cryptocurrency market. Gemini’s establishment of an engineering base in India is aimed at bolstering the company’s technical capabilities in the region. Gemini’s expansion plan into the APAC region is a sign that the company is positioning itself to adapt to regulatory shifts in the cryptocurrency market.