Coinbase has announced that it will dramatically expand its presence in India, both in terms of staff and investments.
In a blog post, Coinbase CEO Brian Armstrong outlined the company's approach, claiming that India has already created a strong identification and digital payments infrastructure that can be advanced further using crypto and Web3 technology.
Coinbase is looking for more from India
Despite the disproportionately negative impact on trade volume, India's controversial crypto tax bill appears to have provided much-needed regulatory clarification.
Coinbase is ready to considerably expand its footprint in India now that all uncertainties about the government's stance on cryptocurrency trading have been dispelled. Earlier this year, the exchange announced ambitions to hire over 2,000 people to increase its global reach.
Half of those personnel, according to Armstrong, will come from India, where he will spend the next few weeks establishing the company's roots. Coinbase's Indian tech hub, which opened in 2021, already employs over 300 people full-time across the country.
He stated in a blog post that Coinbase was on a mission to make crypto accessible to anyone, wherever in the globe.
India's existing identification and digital payment infrastructure, as well as its "world-class software talent," offer a lot of promise, which Coinbase intends to take use of.
In a blog post, he stated,
"We believe that crypto and web3 technologies can assist advance India's economic and financial inclusion aspirations."
Coinbase Ventures, the exchange's venture capital arm, has previously invested $150 million in Indian tech firms in the crypto and Web3 sectors.
The company will continue to invest substantially in the country, with CoinSwitch Kuber and CoinDCX among its regional projects.
Coinbase will conduct a crypto community event in Bangalore on April 7th to further broaden its reach. Coinbase Ventures and Builders Tribe will conduct a startup pitch event on April 8th, where local businesses can pitch for up to $1 million in investment.
Note that over 100 startups filed for the pitch day as of March 27th, with the final number projected to be substantially higher.
“India is a magical place, and I believe crypto has a big future here. We’re excited to help build that future, and this event is an important step.”