Coinbase Focuses on Crypto and Web3 in India — Plans to Hire 1,000 for Indian Hub

Coinbase Focuses on Crypto and Web3 in India — Plans to Hire 1,000 for Indian Hub

Coinbase is focusing on growing the crypto and Web3 ecosystem in India. “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,” said CEO Brian Armstrong. Coinbase Expanding in India With Web3 and Crypto Push

The Nasdaq-listed cryptocurrency exchange Coinbase revealed its plan for India Monday. “India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed,” CEO Brian Armstrong described, adding: 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.

The CEO continued: “Coinbase Ventures has already invested $150 million in home-grown Indian technology companies in the crypto and web3 space, and is constantly identifying new opportunities to help Indian founders scale.”

He added that Coinbase’s Indian tech hub, launched last year, already has over 300 full-time employees all over India.

Furthermore, Armstrong stressed that Coinbase will “continue to invest heavily” in its Indian hub, elaborating: We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone.

Coinbase will also be hosting a “crypto community event” in Bangalore Thursday to “discuss the future of crypto and web3 in India,” Armstrong said.

The Indian government is currently working on the country’s crypto policy. Officials from the Indian ministry of finance are consultingwith the International Monetary Fund (IMF), the World Bank, and India’s central bank on a crypto framework.

In addition, India began taxing income from cryptocurrency at 30% without allowing loss offsets or deductions on April 1. Since then, crypto trading volumes at exchanges have plummeted. In a few months, a 1% tax deducted at source (TDS), will also be levied on crypto transactions. Tags in this story Coinbase, coinbase community event, coinbase crypto India, coinbase cryptocurrency India, coinbase india, Coinbase Ventures, coinbase web3, coinbase web3 India, Indian operation, web3 India

What do you think about Coinbase expanding in India? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Judge Dismisses Lawsuit Against Binance for Allegedly Selling Unregistered Crypto Securities EXCHANGES | 1 day ago Prosecutor Seeks Thousands of Years of Prison for Missing CEO of Turkish Crypto Exchange Thodex EXCHANGES | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation Next articleLeading BTM Operator Bitcoin of America Working With Mayor Suarez to Promote Women in Crypto at BTC 2022 Miami Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPolygon Announces Zero-Knowledge Identity Platform for Web3

On March 29, Polygon, the layer two (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced a new identity platform called Polygon ID. While the protocol is is still under development, Polygon ID is powered by zero-knowledge ... read more.US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool Indian Government Consulting With IMF, World Bank on Crypto Policy Bandai Namco Announces Gundam Themed Metaverse With Over 90% of BTC"s Supply Issued, Bitcoin"s Mining Difficulty Reaches a Lifetime High