Coinbase to Expand Presence in India

  • CEO Brian Armstrong revealed that Coinbase was planning to quadruple the number of employees in its Indian tech hub.
  • Coinbase’s investment arm will be holding an in-person event in Bangalore on 7 April, where it plans to invest $1 million in crypto and web3 companies.
coinbase

Shutterstock

Cryptocurrency exchange Coinbase is planning to expand its presence in India, and quadruple the number of its employees in the region, CEO Brian Armstrong said in a blog post on 4 April.

According to the announcement, Coinbase had already invested $150 million in Indian cryptocurrency and web3 companies, and is now planning to increase the number of employees in its Indian tech hub — which launched last year — from 300 to 1,300. The move is in line with Coinbase’s plan to hire 6,000 employees with a focus on customer support and platform reliability, which was revealed in a shareholder letter earlier this year. Armstrong said in the blog post:

“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. 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.”

Coinbase’s CEO also announced that the company’s investment arm, Coinbase Ventures, had partnered with Builders Tribe and will be hosting an in-person pitch day in Bangalore on 7 April. The company plans to invest up to $1 million in various Indian cryptocurrency and web3 companies, with Belief DAO providing bonus grants of up to $25,000, and also discuss the future of the industry in the country.

More than 100 projects have already signed up for Coinbase’s event in Bangalore, with Builders Tribe noting the majority were building on the Polygon blockchain.

Discussion
Related Coverage
FTX, Alameda Wallets Move $13M to Exchanges
  • A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
  • The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
November 1, 2023, 2:27 PM
ftx

Shutterstock

Bitget to Update KYC Requirements in September
  • Crypto exchange Bitget will make it mandatory for new users to undergo its level-1 KYC process starting 1 September, old users will have until 1 October to do the same.
  • The level-1 KYC process requires users to submit a government identification and undergo facial authentication, and is in line with global regulatory guidelines.
Coinbase Opens Base Blockchain to the Public
  • Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
  • In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.