Crypto Exchange Gemini Picks Dublin For European Expansion Movement

In a recent development, one of the popular crypto exchanges, Gemini, has announced plans to establish a European headquarters. The announcement revealed that Gemini had chosen Dublin in Ireland as the base for its European operations. 

The ongoing clampdown on crypto-related activities in the US has pushed many firms to seek offshore expansion. 

Gemini Founders And Ireland Prime Minister Confirm European Move

The founders of Gemini Exchange, Cameron and Tyler Winklevoss, confirmed the move to Europe. As reported, the twins met with Ireland’s Prime Minister Leo Varadkar, during which they emphasized their reasons for choosing Ireland. According to them, the Emerald Isle boasts a deep talent pool, an established technology community, and a robust regulatory system. 

After the meeting, the Prime Minister shared a picture of their meeting, congratulating Gemini for the move and wishing them success in the endeavor.

Varadkar said that Gemini’s establishment in Ireland is significant given the Government’s focus on innovation as an economic growth driver. 

He also mentioned Ireland’s financial sector growth:

“Gemini’s decision to locate in Ireland highlights our competitive offering for the international financial services sector.

We take pride in how it has grown from 60 staff in Dublin 30 years ago to approximately 56,000 people around the country working in finance today.”

Gemini started pursuing its European expansion this year. In July 2022, the crypto exchange bagged the Virtual Asset Service Provider (VASP) authorization from the Central Bank of Ireland. Gemini has started building the Ireland team, having hired 12 staff and seeking to add more after adopting the new MiCA regulations. 

Recall that the Markets in Crypto-Assets regulations were approved officially on May 16 and will take effect between mid-2024 and early 2025. 

Gemini Founders Foresee More International Growth 

While speaking to some reporters, Cameroon Winklevoss mentioned that Ireland is Gemini’s entry point into the European Union.

The founders further confirmed it with Cameroon’s statement, “I think you’re gonna get a Cambrian explosion of innovation in Europe due to MiCA.”

But apart from the Ireland move, the founders have also made other plans to establish outside the United States. 

In an announcement on April 20, 2023, the global chief technology Officer Pravjit Tiwana revealed that Gemini is establishing an engineering hub in Gurgaon, India, as part of its expansion plans to Asia. 

Notably, Tiwana stated that the India hub would be the second largest after the one in the United States. 

Also, while naming Pravjit Tiwana the CEO of Gemini Asia Pacific on April 20, Gemini founders confirmed the exchange has big plans to pursue international growth in APAC this 2023 starting with the India hub.