Coinbase’s focus is on India’s growing crypto and Web3 community. Brian Armstrong, CEO of Coinbase, stated that “Coupled with India’s top-notch software talent, we believe crypto and Web3 technology can accelerate India’s economic growth and financial inclusion goals.”
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 created a strong identity and digital payment infrastructure, and it implemented it at rapid speed,” CEO Brian Armstrong said.
We believe that India’s top-notch software talent can be combined with crypto and web3 technology to help speed up India’s financial and economic inclusion goals.
“Coinbase Ventures invested $150 million in Indian technology companies in crypto and web3 and continues to identify new opportunities to assist Indian founders scaling up,” said the CEO.
He said that Coinbase’s Indian technology hub, , was launched last January and already has more than 300 employees in India.
Armstrong also stressed that Coinbase would “continuely invest heavily” in India’s hub.
We have ambitious plans in India and aim to hire more than 1,000 people at our India hub this fiscal year.
Armstrong stated that Coinbase will host a “crypto community” event in Bangalore on Thursday to “discuss India’s future of crypto and Web3,” as well.
The Indian government is currently working to develop a crypto policy. Officials from India’s ministry of finance are collaborating with the International Monetary Fund, the World Bank and India’s central banks on a crypto framework.
India also began taxing cryptocurrency income at 30%, without loss offsets and deductions, on April 1. The volume of crypto trading has plummeted at exchanges since then. Within a few months, a 1% tax will be deducted at source (TDS) on all crypto transactions.
