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Crypto exchange Gemini has hired a former vice president from fintech firm Paytm to head up India operations following a $24m investment plan in the country.
Sachin Ranglani, who was Paytm’s senior vice president of product management for roughly three years, is to take over running the crypto firm’s operations which includes around 80 staff.
According to global chief technology officer Pravjit Tiwana, the firm is also planning to boost the headcount to more than 100 by the end of 2023.
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“The quality of technology talent in India is great. We are eyeing a team of almost 200 in India by the end of 2024,” Tiwana told Financial News.
The firm, which first indicated intentions to open its engineering centre in India’s Gurgaon city in April, is however not the only crypto outfit to turn its focus on India. In March 2021, Coinbase opened its office in India and started hiring engineering staff. California-based crypto custodian BitGo, which raised $100m in August, is currently hiring for nearly a dozen roles for its Bengaluru office in India, according to its website.
In September, Gemini accelerated its India expansion plans with the announcement of a $24m investment in the country.
Gemini is actively hiring in India for a number key of roles, including software engineers, technical product managers, and talent acquisition managers.
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Gemini’s hiring spree comes amid scrutiny of the exchange — founded by American crypto investors Cameron and Tyler Winklevoss — over its withdrawal of hundreds of millions of dollars from Genesis Global Holdco months before the latter firm filed for bankruptcy. People familiar with the matter told Bloomberg none of the funds went directly to the Winklevoss twins.
In another setback, Gemini said in September it would stop offering services in the Netherlands from 17 November due to the requirements imposed by the country’s central bank.
However, as US regulators crack down on the sector, the US-based exchange plans to continue to diversify its global presence. In June, the firm’s leadership team said it would bolster its Singapore team to around 100, following a trip across Asia to identify locations for expansion outside the US.
To contact the author of this story with feedback or news, email Bilal Jafar
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