The Indian government may not be planning any cryptocurrency legislation to regulate or tighten regulations anytime soon, but that hasn’t stopped major crypto exchange Coinbase from making “ambitious” plans to promote digital assets and Web3 projects in the country.
Coinbase CEO Brian Armstrong highlighted in a recent blog post that the platform plans to recruit technical talent in the crypto and web3 technology fields to assist in expediting India’s economic and financial inclusion ambitions.
Armstrong scheduled a crypto community gathering in Bangalore on April 7 to explore the future of crypto and Web3 in India as part of Coinbase’s “ambitious goals.”
Armstrong also said that the exchange intends to hire 1,000 employees in its India hub this year. Coinbase Ventures, the cryptocurrency exchange’s investment arm, is said to have invested a total of $150 million in domestic IT startups in the crypto and Web3 fields.
CoinDCX and CoinSwitch Kuber, two Indian crypto startups, have received funding from the corporate venture arm. As of November of last year, the exchange also bought Agara, an AI-powered customer service platform that is based in India, as well.
Last month, the Nasdaq-listed platform added support for payment instruments UPI and IMPS in India. The announcement of the support was temporarily posted on the company’s website, but it has since been removed, and the true scope of the launch is unclear.
