American cryptocurrency exchange Gemini, which is run by twin brothers Tyler and Cameron Winklevoss, has announced plans to establish an engineering hub in India.
New York-based Gemini has also appointed its current Chief Technical Officer Pravjit Tiwana to be the company’s new chief executive officer (CEO) in Asia-Pacific.
The engineering hub will be in Gurgaon, India. Gemini also said it plans to base staff in Singapore as it pursues growth throughout Asia.
Gemini’s move to create an engineering hub in India follows a similar move by rival Coinbase (COIN) last year.
India offers a talent pool of skilled engineers and lower labour costs compared to the U.S.
News of the expansion into Asia-Pacific comes as the Gemini exchange has grappled with numerous setbacks over the last year as the global crypto market endured a sharp downturn.
However, cryptocurrency prices have rebounded strongly in 2023, with Bitcoin (BTC) up 69% so far this year.
Tyler and Cameron Winklevoss entered the public eye with their claims to have come up with the idea that led to the creation of social media platform Facebook.
The Winklevoss twins received a $65 million U.S. legal settlement from Facebook in 2008, money that they used to invest in cryptocurrencies and eventually start the Gemini exchange.
