The world’s second-largest crypto exchange, Coinbase, says ‘Namaste, India’ as CEO Brian Armstrong visits the country to host crypto and web3 community events in Bangalore, Karnataka on April 7th.
The company’s moves come at a time when interest in crypto and Web3 is growing in India, multiple Indian startups are being formed to enter the crypto space, and investors are looking for opportunities.
Armstrong was all praises about the Indian crypto startup scene, “Combined with India’s world class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals.”
At the event, Brian Armstrong will meet with students from top universities, crypto founders, Indian entrepreneurs, and crypto influencers. The exchange team will host a startup pitch event on April 8th in collaboration with the crypto startup incubator Buidlers Tribe.
Buidlers Tribe had arranged a venture pitch event with Coinbase Ventures last week in Bangalore to fund Web3 startups.
Coinbase also revealed plans to hire dynamic Indian software talent to build its products in the announcement. While the company’s Indian tech hub already employs over 300 people across the country, it intends to hire over 1000 more.
However, the Indian authorities’ stance toward the crypto community is unfavorable. The Indian central bank has openly expressed its opposition to private digital currencies, comparing them to Ponzi schemes, even as crypto investments have grown in popularity among the startup community.
On the last day of the financial year 2021-22, the President of India gave the Finance Bill the final stamp of approval, with a flat 30% crypto tax, among other provisions, becoming law.
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