On one hand, Indian crypto exchanges continue to face the heat of regulatory uncertainty, while on the other hand, Coinbase is planning its aggressive expansion in India. On Friday, July 2, Brian Armstrong tweeted that Coinbase is setting up its office in India and ramping up its Indian team.
Coinbase is building out an office in India! 🇮🇳 Amazing team already in place – come join us.https://t.co/yCaJk681pZ
— Brian Armstrong (@brian_armstrong) July 2, 2021
Pankaj Gupta, VP Engineering and Site Lead for Coinbase India published a blog post on Friday, July 2, detailing the company’s strategy for Indian expansion. Interestingly, the Coinbase announcement comes just at a day when India’s oldest crypto exchange ZebPay announced that major payment gateways and banks have been withdrawing amid the recent comments coming from the Indian central bank.
The prolonged regulatory uncertainty concerning crypto assets in India has been frustrating for exchanges and investors alike. But Coinbase is still willing to swing through these muddy waters amid rapidly growing interest from cryptocurrencies among Indian investors. India’s crypto landscape has exploded ~20,000 times to now at a $40 billion market size.
Coinbase – Tapping Into India’s Tech Talent
In its blogpost, Coinbase noted that it is looking to leverage India’s booming crypto sector and tech talent. In the blogpost, President Gupta mentioned that Coinbase was committed to building a high-quality Indian tech-hub. Besides, Coinbase is actively looking for key acquisitions in the country. Gupta wrote:
“We have ambitious plans for this hub in the near future — we want to hire hundreds of world-class engineers in the near term. This team of engineers will be complemented by equally high-quality product and design teams, as well as support functions such as recruiting and HR to build out a sustainable, well-rounded tech hub.
To support our ambitious growth plans in India, we are also exploring startup acquisitions and acquihires. Founders who might be interested in joining Coinbase’s journey and mission, please contact me.”
Coinbase will be adopting an incentive model dubbed CIkka aka “Coinbase India Sikka” wherein each employee gets $1000 worth of crypto upon joining. Coinbase’s (NASDAQ: COIN) entry into India will play a major role in shaping the future of the Indian crypto market.