Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, is preparing to step up its activities in Asia. To this end, the company has announced plans to recruit new employees for its Singapore-based annex.
U.S.-based exchange Gemini shared its Asia-Pacific expansion plans on Tuesday, underlining its desire to strengthen its operations in the region. In a press release, the company expressed its delight at unveiling these expansion plans in Asia and announced its intention to increase its workforce in Singapore, with the aim of exceeding 100 employees over the next 12 months. Gemini also plans to open an office in India as part of this expansion.
Gemini, which went through a period of mass layoffs last year due to the fall in cryptocurrency prices, said it would take on the Singapore dollar, the Hong Kong dollar and the Australian dollar.
Gemini’s move into Asia comes at a time when the US appears to be moving towards stricter regulation of cryptocurrencies. Indeed, in early June, the SEC brought charges against Coinbase and Binance for offering digital assets that are considered securities.
Tyler Winklevoss, one of Gemini’s founders, recently expressed his frustration at the lack of regulatory clarity in the US, lamenting that US regulators are “busy arguing” and accusing the country of falling behind Europe when it comes to regulation, citing MiCA in particular. In his view, this is unfortunate given the importance of cryptocurrency technology and its promise.
In April, the billionaire twins also unveiled Gemini Foundation, a new “non-US” exchange platform for trading crypto derivatives.
With its expansion into Asia and ongoing initiatives, Gemini continues to play a major role in the cryptocurrency market and is looking to consolidate its position as a leading exchange platform.