Coinbase Opens A Branch In India, Will Recruit Thousands Of New Employees With Crypto Bonus

Coinbase will recruit thousands of new employees in India. (Coinbase)

JAKARTA - Nasdaq-listed crypto trading platform Coinbase has ambitions to expand its reach in India. Coinbase invested 150 million US dollars (approximately IDR 2.1 trillion) for its new operation.

Coinbase will focus on crypto and Web3 development, the company will also create additional jobs in the country in 2022. Coinbase CEO Brian Armstrong explained that India has developed a robust identification and digital payments infrastructure and is deploying it rapidly.

"We believe that when combined with India's world-class software expertise, crypto and web3 technologies can help India achieve its economic and financial inclusion goals," said Armstrong.

Reporting from Bitcoinist, last year Coinbase India has recruited more than 300 staff. Coinbase Ventures and Builders Tribe last week announced the launch of a startup pitch session for India's Web3 startup, with a prize fund of up to $1 million available to winners.

On the other hand, the Indian government is actively developing the country's cryptocurrency policy. Officials from India's finance ministry are in talks with the International Monetary Fund (IMF), the World Bank, and the country's central bank to develop cryptocurrency infrastructure.

Industry leaders believe that India's strong ecosystem of 4 million developers, experienced technology operators and a close-knit web3 community is contributing to the growing interest of investors worldwide in the country.

According to a Mint report, Coinbase Ventures, the investment arm of Coinbase, has partnered with Builders Tribe to host a startup promotion event on April 8.

Meanwhile, on Medium, Brian Armstrong wrote that the company will host a crypto community event in Bengaluru to discuss the future of crypto and web3 in India on April 7th.

“India has built a strong identity and digital payments infrastructure and is implementing it at a rapid scale and speed. Combined with India's world-class software talent, we believe that crypto and web3 technologies can help accelerate India's economic and financial inclusion goals," Armstrong wrote.