U.S.-based cryptocurrency exchange Gemini is expanding its operations in Southeast Asia in an attempt to capitalize on the region's growth.
Jeremy Ng, head of the Asia Pacific region for Gemini, wrote in a blog post Wednesday that the company will establish satellite offices throughout the region, including in Australia and Hong Kong.
The exchange is looking to build upon its success in Singapore after it established a foothold last year, he wrote.
"Asia is fast becoming a growing market for cryptocurrency, and Gemini want to make sure that we are front and center in shaping the future of money here,” Ng told CoinDesk in an email on Thursday.
A spokesperson said the company couldn’t comment on specific dates of expansion “at this stage.”
The exchange already offers support for trading in Australian and Hong Kong dollar pairs.
More than 30 employees have been hired in Singapore for roles in such departments as marketing and compliance.
“We've seen an increase in regulatory oversight from governments in the region, and Gemini is moving to embrace this," Ng wrote in the email. "I personally believe the increase in regulation is good, as it sets a framework to allow for better retail and institutional adoption in the long run."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.