Coinbase’s aspirations to expand into India coincide with the country’s approval of crypto asset tax laws. Since the 30% tax went into force on April 1, transaction volumes have declined by 55% and domain traffic has dropped by 40% on India’s biggest bitcoin exchanges.
Coinbase established its Indian technology cluster last year and now employs over 300 full-time employees. Last week, Coinbase Ventures and Builders Tribe also announced the beginning of a startup pitch session for India’s Web3 startups, with the winner receiving prize money of up to $1 million.
According to Coinbase CEO Brian Armstrong, India has built a solid identity and digital payment infrastructure and is rapidly implementing it. Armstrong has been in India since the beginning of the month and will meet with crypto industry entrepreneurs, activists, and even schoolchildren.
Coinbase announced a $150 million investment in Indian technology businesses focused on crypto and Web3 and plans to generate more employment in the country this year. As part of its attempts to nurture Indian businesses, the firm is sponsoring a crypto community event in India to discuss the future of crypto and Web 3.0. Coinbase revealed plans to hire hundreds of programmers in India in July 2021, with each new employee receiving a one-time $1,000 in bitcoin as a welcome bonus.
