As U.S. scrutiny of crypto exhanges intensifies, Gemini, the digital assets exchange led by Tyler and Cameron Winklevoss, has announced plans to expand its operations in the Asia-Pacific (APAC) region.
The company has stated its intent to increase its headcount in Singapore to over 100 employees within the next 12 months, according to a company announcement made on June 19, 2023.
“Our Singapore office will serve as a hub for our larger APAC operations. We believe that APAC will be a great driver of the next wave of growth for crypto and Gemini,” the company said in the announcement.
Gemini’s growth plan also includes the establishment of an engineering base in India, a move aimed at bolstering the company’s technical capabilities in the region.
Asia interest
Gemini’s interest in the APAC region is not new. In December 2020, the company launched support for the Singapore dollar (SGD), providing residents with easy access to cryptocurrency transactions. The platform also supports the Hong Kong dollar (HKD) and the Australian dollar (AUD), catering to a broader APAC customer base.
“Singapore is a financial epicenter in the heart of Asia and is a fast-growing market for cryptocurrency,” Gemini said in the December 2020 announcement. The company was the first North American exchange to launch SGD trading pairs, a move viewed as an essential step toward making crypto accessible globally and providing more trading options.
Gemini’s expansion comes as U.S. regulatory bodies increasingly scrutinize cryptocurrency exchanges and the broader industry. While the digital currency market continues to evolve, the Winklevoss-led company appears to be positioning itself to leverage the expected growth in APAC’s cryptocurrency market.
As the cryptocurrency landscape continues to change and adapt to regulatory shifts, Gemini’s expansion into APAC may signify a strategic move to establish a more substantial presence outside of U.S. markets, where regulatory pressures are only increasing by the day.
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