In a bold move to capture the impending growth of the cryptocurrency market, Gemini, the renowned crypto exchange, announced its strategic expansion plans into the Asia-Pacific (APAC) region. This step marks a crucial milestone in Gemini’s quest to establish a stronger global presence and tap into the next wave of growth for crypto.
The company’s decision to embark on this expansion comes amidst a backdrop of increased regulatory actions against crypto exchanges in the United States. As part of its global strategy, Gemini has expressed its intent to open an engineering center in India and significantly increase its headcount in Singapore, which will serve as the hub for its APAC operations1.
Gemini’s move reflects the growing importance of the APAC region in the global crypto landscape. According to a report by Allied Market Research, the global cryptocurrency market is projected to hit $4.94 billion by 2030, more than tripling its estimated size of $1.49 billion in 2020. The research indicates a compound annual growth rate of 12.8% between 2021 and 2030, driven by an increased demand for international remittances and a demand for more transparency in global payments systems2.
The APAC region is poised to play a pivotal role in this growth, with the study predicting it as the fastest-growing region for the crypto industry, primarily due to increased competition from a growing number of exchanges. Gemini, seizing this opportunity, plans to increase its Singapore headcount to over 100 in the next 12 months and establish an engineering base in India1.
Currently, Gemini supports transactions in multiple APAC currencies, including the Singapore dollar (SGD), Hong Kong dollar (HKD), and the Australian dollar (AUD), thereby facilitating the buying and selling of cryptocurrencies on its platform1.
Gemini’s expansion into the APAC region is a testament to its commitment to crypto’s promise and its belief in the region’s potential to drive the next wave of growth for the industry. By establishing a strong presence in this region, Gemini aims not only to capitalize on the anticipated market growth but also to foster greater acceptance and adoption of cryptocurrencies.
Gemini’s expansion into the APAC region is a strategic move that highlights the importance of this region in the global crypto narrative. It also showcases Gemini’s foresight in recognizing the potential of APAC and its commitment to making crypto accessible to a broader global audience.
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