The United States listed Cryptocurrency trading platform Coinbase has announced plans to expand its operations in the country. Coinbase Ventures, the venture capital arm of Coinbase Global has invested $150 million in Indian technology startups firms in the crypto and web3 space which is a decentralized internet that leverages blockchain technology. The company aims to create additional jobs in the nation and plans to hire over 1,000 people in the country hub this year.

As part of its "ambitious plans for India" the Nasdaq listed company is looking to tap into Indian software talent to build out products and continue investing "heavily" in the India hub. Last year Coinbase’s Indian tech hub was launched. Presently it has more than 300 full-time employees across India’s states and regions. The co-founder and CEO of US cryptocurrency exchange Coinbase, Brian Armstrong highlighted in a blog post on Monday that the company is making efforts to expand into the country and planning to hire 1000 people in India. Following COIN's heavy expense forecast for 2022, the company decided to expand internationally.

"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," Armstrong said in the blog.

To discuss the future of digital assets and web3 in India the company will be hosting an event in Bangalore on 7th April. This was highlighted by co-founder and CEO of Coinbase Brian Armstrong in a blog on Medium which is an online publishing platform. At the end of February month to run the global financial operations, Coinbase took on a Goldman Sachs veteran.

India implemented and adopted tax regulations for crypto assets which coincide with Coinbase’s plans to expand in India. In India, gains from crypto assets will be taxed at 30% for the first time, while a 1% TDS (Tax Deducted at Source) will be levied on the transfer of crypto assets. As per market data, after the tax took effect on April 1, transaction volumes have decreased by 55% and domain traffic has dropped by 40% on India’s leading bitcoin exchanges.

Further, Coinbase Ventures has partnered with Builders Tribe and announced last week to launch and host a startup pitch event for India’s Web3 startups, on 8th April. A prize fund of up to $1 million is available to the winner in the session. Identity and digital payment systems have been developed in India and implemented at a rapid pace and scale. Armstrong has been in India since the beginning of the month and during this week he plans to meet people from crypto industries including students from top universities, crypto founders, Indian entrepreneurs, innovators, and crypto evangelists.

Indrani bose

CBW - External Analyst

INDIA