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Any of Coinbase’s “IT services,” such as manufacturing, product creation, and customer care, will be based in India.
Despite unclear regulatory headwinds for crypto in the world, leading US cryptocurrency exchange Coinbase has confirmed it is “establishing a market presence in India.”
Coinbase announced in a March 25 blog post that it plans to house “few IT services, including research, product creation, and customer care operations in India,” citing the country’s “massive pool of world-class engineering talent.”
“India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy.”
Despite the announcement, no work openings that are country specific to India seem to have been uploaded to Coinbase’s jobs portal, and a search of the web for the words ‘India’ came up empty at the time of writing.
Coinbase is now currently recruiting in Japan, Singapore, the Philippines, Ireland, Canada, and the United Kingdom, according to the blog post, in order to broaden the global diversity of its “remote-first” workers.
The news comes as confusion looms over India’s crypto market, with Reuters citing unnamed sources in the Indian government saying the country’s lawmakers are working on a bill that would criminalise the “possession, issuance, mining, selling, and transferring of crypto-assets.”
However, less than two weeks ago, India’s finance minister, Nirmala Sitharaman, announced that the government would not “turn off all options” for the crypto industry.
“We will allow some windows for users to use, so that experiments on the blockchain, Bitcoins, or cryptocurrencies […] will have that [option] available,” she said.
However, Sitharaman reiterated that the Reserve Bank of India, or RBI, will soon make announcements about a central bank-issued digital currency, or CBDC, implying that India’s upcoming crypto regulations will prioritise the CBDC.
Coinbase is set to complete an IPO via direct listing next month, with selective trading of Coinbase stock on private exchanges implying the business may be worth more than $100 billion.
With Coinbase’s stock traded at an average price of $343.58 privately so far in 2021, CNBC reports that its CEO, Brain Armstrong’s, personal stake could be worth a staggering $13.6 billion.