Crypto giant Coinbase is now in India to drive crypto adoption and literacy in the country, despite an uncertain regulatory environment. During a community event in Bengaluru on Thursday, Coinbase CEO Brian Armstrong said the company is fully committed to working with banks, lawmakers, and regulators to streamline payments, crypto regulations, and solutions in the Indian market. Moreover, the company will make long-term investments in India, committing to serve for the long term.
Coinbase CEO Brian Armstrong announces the launch of crypto trading services in India at an event in Bengaluru on April 7. Moreover, the Coinbase CEO intends to simplify crypto transactions and solutions by working with banks, and regulators.
“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.”
During the event, the company discussed the potential of crypto and Web3 in India. On April 8, Coinbase Ventures will host a startup pitch event in association with Builders Tribe.
Interestingly, Coinbase will introduce the UPI payment mode for crypto transactions, which the company was working on for some time now. The company believes UPI will help expand its foothold in India as the government itself promotes the UPI payment mode.
During the event, Pankaj Gupta, VP of Engineering and India Site Lead of Coinbase, on the advantages of UPI for fund transactions said:
“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.”
Coinbase has already invested around $150 million in India as it sees growing interest in crypto among Indians. Currently, the company has nearly 300 employees. However, the company is planning to hire more than 1000 employees this year.
Moreover, the company through its investment arm Coinbase Ventures plans to invest in India crypto and web3 startups to push crypto adoption and web3 developments in the country.
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