Crypto exchange Coinbase announced in a blog post that it will be visiting India as part of its expansion into the country to grow its workforce and learn more about new Indian startups.
Coinbase possesses extended in India
Coinbase said in the announcement that it believes crypto and Web3 technology can help boost India’s economic and financial inclusion efforts. Given its presence in the country, the crypto exchange will host a crypto community event on April 7 in Bangalore to explore the future of cryptocurrency in India. Additionally, Coinbase Ventures has partnered with startup incubator Builders Tribe to host a startup launch event on Friday, April 8 to identify talent in the country.
Support for India does not come out of nowhere. Coinbase has grown aggressively in the country since launching its technology hub and currently employs over 300 full-time staff across Indian states and regions. The company intends to increase this number to more than 1,000 employees in its Indian hub. For its part, Coinbase Ventures has invested $150 million in Indian startups, including crypto exchanges such as CoinSwitch Kuber and CoinDCX. He recently invested in Flint, a Bengaluru-based crypto investment app, as well as IppoPay, a Chennai-based fintech startup.
india existing crypto regulations
Even though crypto exchanges and venture capitalists strongly support the country, India is one of the countries with the most controversial views on the crypto industry. The government initially supported a complete ban on cryptocurrencies, but has now opted to instead impose a 30% tax on digital assets and no longer impose explicit regulations on the asset class until that he can reach an agreement with other countries.
The government’s actions have been criticized by Indians working in the crypto industry. According to Sandeep Nailwal, CEO and co-founder of Polygon, this uncertainty is encouraging many Indian developers, investors and entrepreneurs to leave their country and move to other countries with clear and friendlier crypto regulations, leading to an exodus of talents.