The United States-based cryptocurrency exchange company Coinbase plans to more than triple its number of employees in India. From 2022 to 2026, the South Asian country will employ a fifth of the 2,000 individuals the company plans to hire. The South Asian nation will employ a fifth of the 2,000 employees Coinbase expects to hire in the product, engineering, and design roles between 2022 and 2026.
Coinbase Global Inc. plans to more than triple its number of employees in India this year to over 1,000
The US cryptocurrency exchange operator, Coinbase Global Inc plans to more than triple its personnel in India this year to over 1,000, according to CEO Brian Armstrong.
Pankaj Gupta, Coinbase’s India site leader, says the country will serve as the company’s technical hub for developing worldwide products, and that half of the new employee’s would-be engineers. From 2022 to 2026, the South Asian country will employ a fifth of the 2,000 individuals Coinbase wants to hire in a product, engineering, and design positions.
According to Chief Executive Officer Brian Armstrong, Coinbase Global Inc., a cryptocurrency exchange operator based in the United States, expects to more than treble its workforce in India this year to roughly 1,000.
Local competitors have called Coinbase’s plans for expansion in India unfair due to the new taxation structure. Industry insiders have warned that the government is about to stifle the market by imposing a 1% tax deducted at source on all digital-asset transfers over a specific threshold.
“Last year, we determined that India would be a massive country,” says the author, “Gupta said. “We recognize the complexities of the Indian market. It’s a location with a lot of promise.”
Since the Supreme Court invalidated a central bank regulation prohibiting regulated businesses from interacting with digital-assets companies in 2020, India, which has an estimated 15 million active crypto users, has been in regulatory limbo.
Armstrong revealed this at a Coinbase conference in Bengaluru’s IT hub. Customers can now purchase cryptocurrencies on Coinbase’s exchange using the Unified Payments Interface, a statewide quick-payments network.
The National Payments Corporation of India, the company that operates UPI, said it was “not aware of any crypto trades using UPI.” Outside of Bengaluru’s office hours, an email seeking a response from Coinbase didn’t receive a response.
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