Gemini Expands Singapore Hub To Drive Crypto Adoption Beyond U.S. Shores

Updated: 22 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Gemini, a US-based crypto platform, has revealed its plans to expand its operations in the Asia-Pacific (APAC) region. This comes after the company’s leadership team recently visited the area on a global mission to drive the adoption of cryptocurrencies outside the United States.

Gemini Sets Sight Beyond America

Gemini plans to increase its headcount in Singapore to more than 100 employees over the next year. The office will be the company’s central hub for its ramped-up plans to target the Asian market.

In an announcement, the company said:

Our Singapore office will be a hub for our more extensive APAC operations. We believe that APAC will be a great driver of the next wave of growth for crypto and Gemini.

In December 2020, the crypto firm launched support for the Singapore Dollar (SGD), enabling Singapore residents to access cryptocurrencies seamlessly. Additionally, Gemini supports the Hong Kong Dollar (HKD) and the Australian Dollar (AUD).

Gemini’s support for the SGD is a key step towards making cryptocurrencies easily accessible around the world, as well as delivering additional exchange choices for clients.

The recent developments come as Gemini looks beyond its traditional U.S. market and expand its presence in the fast-growing Asian cryptocurrency market.

As a financial hub in the heart of Asia, Singapore is becoming a popular destination for crypto companies who are looking to tap into the region’s growing appetite for digital assets.

Platform’s Engineering Base In India

Away from Singapore, Gemini plans to set up an engineering center in Gurgaon, India. Focussing on software development and engineering operations, the company’ wants it to become its second-largest engineering hub after the U.S.

This move is not surprising given the country’s reputation as a global technology hub with a large pool of skilled software engineers.

India is home to some of the world’s leading technology companies, such as Polygon (MATIC), and other global firms.

Gemini outlined its plans for the Gemini Foundation, a crypto derivatives exchange focused on customers outside of the U.S., in April. The Foundation is set to be based in Singapore as well, according to reports.

Regulatory Pressure

The news comes as U.S. authorities crack down heavily on large, U.S.-based crypto exchanges for listing cryptocurrencies it claims are unregistered securities. Recently, the SEC sued some major exchanges, including Coinbase and Binance.

Apart from Gemini, Coinbase is looking outside the U.S. for similar reasons. In May, the giant crypto platform extended the range of the services it offers customers in Singapore.

Hassan Ahmed, country director for Singapore at Coinbase at the time, said:

The message here is that the world is sort of moving on with or without the U.S. We are very committed as a global company to keep moving forward on international expansion.

As the crypto realm grows, exchanges such as Gemini will undoubtedly play a vital role in driving the adoption of crypto and blockchain technology in Asia and beyond.