Crypto adoption has been massive in India even despite the uncertain regulations and the newly imposed 30% taxation on crypto transactions. India has quickly become one of the hotspots for blockchain-based innovations, and several global crypto and blockchain projects have shown interest in the massive market.
Coinbase, a popular crypto exchange, has also shown a newfound interest in exploring the Indian crypto space. Coinbase believes that India has a robust digital identity and payments infrastructure, which is implemented at a rapid speed and scale. Moreover, when this architecture is combined with India’s world-class software talent, crypto and Web 3 have a massive potential for growth which will also boost India’s economic and financial inclusion goals.
Coinbase’s Approach to Indian Crypto Market
Coinbase is conducting a crypto community event in Bangalore on April 7th to discuss the growth and future of crypto and Web 3 in India. The event will feature several guests and can be registered online here. Moreover, Coinbase Ventures, the investment arm of Coinbase, has teamed up with Builders Tribe. This partnership will result in a startup pitch even on the next day, April 8th.
The crypto exchange has already invested over $150 million in different home-grown Indian technology companies catering to the Web 3 and crypto space. Coinbase is constantly identifying new opportunities to help Indian founders and launched an Indian Tech hub last year that has over 300 full-time employees from different parts of India.
Coinbase stated, “We are excited to tap into the dynamic Indian software talent to build out our products and will continue to invest heavily in our India hub. We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone.”
The CEO of Coinbase, Brian Armstrong, also spent the previous week touring India and visiting different sites while connecting with talented people. The next agenda on his list is to join members of his executive team and meet students from top universities, crypto startup founders, entrepreneurs, and evangelists.
“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,” told Brian Armstrong.