Coinbase’s primary focus is to grow India’s crypto and Web3 communities. “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
Coinbase, a cryptocurrency exchange listed on the Nasdaq, announced Monday its plans for India. “India has built a robust identity and digital payments infrastructure and implemented it at rapid 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 home-grown Indian technology companies in the crypto and web3 space, 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.
Furthermore, Armstrong stressed that Coinbase will “continue to invest heavily” in its Indian hub, elaborating:
We are aiming to recruit over 1000 Indian workers this year.
Coinbase will also be hosting a “crypto community event” in Bangalore 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.
India also began to tax cryptocurrency income at 30 percent without loss offsets and deductions, on April 1. The volume of crypto trading has plummeted since then. Crypto transactions will soon be subject to an additional 1% tax, which is deducted from the source (TDS), in the next few months.
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