Gemini Exchange targets Singapore for Asia Pacific expansion amid US regulatory heat

• Gemini cryptocurrency exchange has announced plans to expand to Singapore.
• The exchange will increase its employee base by over 100 in the country over the next year.
• The move bolsters Gemini's existing operations in Singapore, the hub for the company's larger APAC operations.

Gemini cryptocurrency exchange has announced plans to expand to Asia-Pacific (APAC) regions and make Singapore the hub of its crypto-related operations. The move comes after some of the platform's top personnel visited the region on a crypto adoption- campaign outside the United States borders. Earlier this month, the exchange's founders had sought a crypto license to operate in the UAE, underscoring its commitment to expand outside the US.

Also Read: Winklevoss twins' crypto exchange Gemini to seek UAE crypto license

Gemini identifies Singapore as the next crypto hub, leveraging Asia's growing market

Gemini crypto exchange has chosen Singapore as the next hub for its crypto operations with intentions to spend the next year (12 months) trying to grow the number of employees to more than 100 in the country. With this target, the exchange wants to make Singapore the center for its larger APAC operations. Citing an excerpt from the announcement:

Our customers throughout APAC can buy, sell, and store dozens of cryptos, with their funds secured by world-class security and storage systems.

While this marks the platform's first venture into Singapore, it is not the first foray because the company has supported the Singapore Dollar (SGD) for almost three years. Since then, the country's citizenry has enjoyed easy crypto access.

Based on Singapore's position in the Asian market, the country was an easy choice for Gemini, which looks to leverage its position at the center of a continent that has increasingly become crypto-friendly. With proper infrastructure, including friendly regulations and a general populace hungry for digital assets, Singapore has posed as a desirable choice for crypto firms.

Gemini to leverage India's software development and engineering operations

Gemini Exchange's foray into Singapore complements its plans to establish an engineering base in Gurgaon, India, a country whose software development and engineering operations would be a resource for any vision-oriented crypto platform. With this venture, Gemini will also be benefiting from an incredibly talented workforce, bolstering efficiency,

The country, reputed as a leading global technology hub, is home to some of the most popular technology firms in the world.

Gemini will also be recruiting in India, with a special interest in software engineers and technical product managers. This is part of a greater hope to make it the company's second-biggest engineering hub after the US.

The crypto markets have suffered a difficult climate since early in the year, as various macroeconomic factors worsened the 2022 bear market. Following legal actions taken by the Security and Exchange Commission (SEC) against prominent exchanges like Binance and Coinbase. 

Additionally, the Federal Reserve’s decision to pause its rate hike policy has added to market uncertainty, leaving traders unsure of the potential implications. This adds credence to newly found interest among crypto entities to move overseas, or in the very least, increase their survival chances by tapping from more accomodating jurisdictions. 

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