What Coinbase is planning in India
From thousands of expected hires to aggressive startup investments to localized products, the No. 2 global crypto exchange is getting serious.
Why read this story?
Editor's note: Coinbase, the world’s second-largest cryptocurrency exchange, has slowly been increasing its presence in India over the past 10 months or so. Now, it appears the American company—with a current market capitalization of over $40 billion—is interested in taking a spot in the limelight on India’s cryptocurrency landscape, with plans to greatly expand hiring, invest aggressively in startups and work on more localized products and payment options. The company’s moves come at a time when excitement over cryptocurrencies and web3 continues to rise in India; multiple Indian startups are being founded to enter the space and investors are hunting for deals. The success of companies like Polygon, started by Indian founders and one of the most keenly watched crypto startups in the world, has spurred more action. Simultaneously, regulatory and legal ambiguity over crypto assets and investments remains a concern, along with a 30% tax on crypto gains that enthusiasts are steadily complaining about. Not to mention, competition among crypto exchanges is strong, with multiple Indian startups in the field, as well as Cayman Islands-registered Binance through local exchange WazirX, which …
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