Coinbase Begins Offering Crypto Trading Services in India

Nasdaq-listed crypto platform, Coinbase (COIN) is now offering its crypto trading services to users in India.

During an event in India’s tech hub, Bengaluru, the world’s second largest exchange by trading volume, committed to making a “long term investment” in India.

Brian Armstrong, co-founder and CEO of Coinbase, acknowledges the regulatory challenges in the country as a result of the new tax law, which resulted in crypto activity tanking, and said:

“We know it’s not going to be a straight shot to bring this technology. We don’t know exactly how it’s going to evolve. But we’re committed to working with bank partners, regulators, most importantly, the Indian people because they’ve shown a real spark of interest in cryptocurrency, and there’s a real desire to get access to some of these services and products,”

While demonstrating the onboarding on process, Chief Product Officer Surojit Chatterjee explained that users are required setting up a UPI payment method, a real-time, peer to peer payment system regulated by the Indian central bank.

In addition, Chatterjee also said that Coinbase has “invested over $150 million in over 10 companies in India” including “Polygon, CoinDCX, CoinSwitch.”

By the end of the year, Coinbase plans to have hired an additional 1,000 people in India at its tech hub.

Chalo shuru karein!

That’s how you say “Come, let’s get started!” in Hindi and that’s our guiding light as we work to serve and grow the crypto and web3 community in India.

Learn more https://t.co/d0McVp5AAy

— Coinbase (@coinbase) April 7, 2022