Publicly listed crypto exchange Coinbase is getting into the Indian crypto market, and it’s ready to make a big splash. It has announced a plan to hire more than 1,000 people this year in the country.
The company also wants to host a crypto community event in Bangalore and will be giving grants worth about $1 million to Web3 projects in the country.
The CEO, Brian Armstrong, made this announcement in a blog post. The company started its Indian tech hub last year and now has 300 employees. Armstrong wrote, “We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone.”
Coinbase’s expansion in India comes as the crypto tax laws in the country go into effect. On April 1, the 30% capital gains tax on crypto profit became law, and a new 1% tax at source on all crypto transactions will start on May 1.
The taxes have already led to a reduction in crypto trading volume in the country, and many stakeholders are worried that it could affect liquidity in the growing industry.
Coinbase sees opportunity in Indian market
However, Coinbase believes that taxation signifies a future regulatory framework, making India a fertile ground for crypto innovations. Armstrong said, “We will invest for the long term in India.”
The head of the India subsidiary, Pankaj Gupta, stated, “Last year we decided India is going to be a huge place. We understand the complexity of the Indian market. It’s a place with a lot of potential.”
Authorities in India have embraced a hostile regulatory stance towards the crypto industry, even though the space currently has over 15 million active crypto users. An attempt by the central bank to ban regulated entities from working with digital assets companies in the country was overturned by the Supreme Court in 2020.
Coinbase’s expansion isn’t limited to India. The company announced in February that it has a global plan to add 2,000 employees across product, engineering, and design teams this year.
It’s also seeking to “double down on regional investments, adding to its portfolio of platforms such as CoinSwitch, Kuber, and CoinDCX in India.”
Beyond hiring, Coinbase Ventures has also invested around $150 million in crypto and Web3 companies.
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