The second largest crypto exchange by volume, Coinbase is betting big on the future of crypto and Web3 in India as it opens the doors for crypto trading services through its app to Indian users.
After the co-founder and CEO of the centralized exchange, Brian Armstrong announced his visit to Web3 and Crypto event in Bengaluru, India, there was a strong expectation by the speculators of a long-term bet on India.
The news comes at a time when India has announced a 30% tax on profits from cryptocurrency transactions. Armstrong stated that the company was committed to collaborating with bank partners, legislators, and regulators.
“India is an important market for us. Some 180-190 million are underbanked in India.” He said, “Chalo Shuru Karein” in Hindi (Let’s get started).
Surojit Chatterjee, Chief Product Officer at Coinbase, stated that the company is considering expanding its presence in the country over the next 10 to 20 years.
Onboarding on the Coinbase app will require a UPI payment method. Chatterjee explained how setting up UPI would be the first step in purchasing crypto and make it simple to purchase it by paying INR through the interface. To encourage customers to use the Coinbase app, the company is offering $2.65 to anyone who signs up.
A major rival of Coinbase FTX exchange has also began to expand its presence in India. India’s eSports gaming platform MPL is in talks with leading crypto giant FTX to attract investment in pushing into Web3 gaming.