Coinbase says it's committed to working with India's bank regulators, payment partners
Coinbase, which has 300 employees in India at the moment, plans to have 1,000 employees by the end of the year, said co-founder and CEO Brian Armstrong.
On Thursday, global crypto exchange platform organised a community event in Bengaluru to discuss the future of crypto and web3 in India. The firm has also partnered with Buidlers Tribe to host a startup pitch event on Friday.
Coinbase, which enables users to buy and sell cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Doge, among others, is committed to serving India in the long-term, said co-founder and CEO Brian Armstrong, addressing the event.
Its VC firm has already invested in two crypto exchanges in India — and .
Pankaj Gupta, VP of Engineering and India Site Lead of Coinbase, recalled, "While working on the UPI, I saw the power of open and Interoperable networks that can spur innovation, when Coinbase announced the tech hub in India, it excited me"
As part of the company's plans to encourage Indian startups, Brian announced that the firm has made a $150 million investment in Indian technology startups focused on crypto and Web3. He also addressed Coinbase's future plans in India, as well as the crypto/web3 ecosystem.
"We are here to celebrate Coinbase's long-term investment in India. We are committed to working with bank regulators, payment partners, and most importantly, Indian people because they have shown a real spark in cryptocurrency. "
In 2021, the firm had launched an Indian tech hub, which now employs over 300 professionals.
"I am excited to announce we will have 1000 employees by the end of the year," added Brian.
He also spoke about how more than 50 percent of the company's user base are not only trading but also pointed out the rise of crypto investments as a new asset class.
Users are using the platform for commerce payments, earning a livelihood, borrowing, and lending, creating a new type of application platform.
"Technology has been a democratising force; people usually fear new technology but later, the value outweighs the market. Cryptocurrencies and NFTs are going to drive the digital economy," he added.
Edited by Saheli Sen Gupta