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Thursday, June 1, 2023

Coinbase Focuses on Crypto and Web3 in India

Coinbase Focuses on Crypto and Web3 in India – Coinbase is concentrating its efforts in India on developing the crypto and Web3 ecosystems. “We believe that crypto and web3 technology, when combined with India’s world-class software talent, can help hasten India’s economic and financial inclusion ambitions,” says CEO Brian Armstrong.

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Coinbase, a Nasdaq-listed cryptocurrency exchange, announced its plans for India on Monday. CEO Brian Armstrong explained, “India has established a strong identity and digital payments infrastructure and applied it at a high scale and speed.” 

He added: 

“We believe that crypto and web3 technologies, when combined with India’s world-class software expertise, can significantly hasten India’s economic and financial inclusion objectives.” 

Also Read: Judge Dismisses Lawsuit Against Binance for Allegedly Selling Unregistered Crypto Securities

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“Coinbase Ventures has so far invested $150 million in home-grown Indian technology firms in the crypto and web3 space, and it’s constantly exploring new possibilities to assist Indian founders scale,” the CEO noted.

He went on to say that Coinbase’s Indian tech hub, which opened last year, now has over 300 full-time staff spread around the country. Armstrong also stated that Coinbase will “continue to invest substantially” in its Indian hub, adding, “We have ambitious plans for India and want to hire over 1,000 individuals in our India hub this year alone.”

In Bangalore on Thursday, Coinbase will conduct a “crypto community gathering” to “debate the future of crypto and web3 in India,” according to Armstrong.

The Indian government is actively working on a crypto policy for the country. Officials from India’s finance ministry are working on a crypto framework with the World Bank, the International Monetary Fund, and the country’s central bank.

Also Read: Indonesian Government Sets Crypto Tax at 0.1% to Be Levied Starting in May

In addition, on April 1, India began taxing crypto income at a rate of 30%, with no loss offsets or deductions. Crypto trading volumes on exchanges have dropped since then. In a few months, crypto transactions will be subject to a 1% tax deducted at source (TDS).

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