Coinbase Ventures invested $150 million in Indian technology firms and plans to hire 1000 people in India


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