Coinbase is focusing on growing the crypto and Web3 ecosystem in India. “Combined with India’s world-class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals,” said CEO Brian Armstrong.
Coinbase expands in India with Web3 and Crypto Push
Nasdaq-listed cryptocurrency exchange Coinbase revealed its plan for India on Monday. “India has built a robust digital identity and payments infrastructure and implemented it at scale and speed,” CEO Brian Armstrong described, adding:
Combined with India’s world-class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals.
The CEO continued, “Coinbase Ventures has already invested $150 million in local Indian crypto and web3 tech companies, and is constantly identifying new opportunities to help Indian founders scale.”
He added that Coinbase’s Indian tech hub, launched last year, already has over 300 full-time employees all over India.
Additionally, Armstrong emphasized that Coinbase will “continue to invest heavily” in its Indian hub, stating:
We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone.
Coinbase will also host a “crypto community event” in Bangalore on Thursday to “discuss the future of crypto and web3 in India,” Armstrong said.
The Indian government is currently working on the country’s crypto policy. Officials from the Indian ministry of finance are consulting with the International Monetary Fund (IMF), the World Bank, and India’s central bank on a crypto framework.
Additionally, India began taxing cryptocurrency income at 30% without allowing offsets or loss deductions on April 1. Since then, crypto trading volumes on exchanges have plummeted. In a few months, a 1% withholding tax (TDS), will also be levied on crypto transactions.
