Coinbase Launches Crypto Trading Services in India.
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
In line with its mission to bring financial freedom to the world, top crypto exchange Coinbase is launching its crypto trading services in India.
Before now, Coinbase had already invested $150 million in local Indian tech companies focused on crypto and web3. The company is still exploring ways to help Indian businesses scale along this line.
With India’s robust identity and digital payments infrastructure and India’s growing youths in software development, the company believes crypto and web3 can significantly contribute to the country’s economic growth.
As part of the kick-off of Coinbase’s presence in India, there will be a crypto community event in Banglore, one of India’s top commercial cities and crypto hub, to “discuss the future of crypto and web3 in India.” This will be followed by a startup pitch event on Friday where young entrepreneurs in the crypto and web3 space can pitch their ideas to receive support.
Crypto is growing despite India’s stiff regulation
After a long battle between the government and crypto, the Indian government recently announced it would be charging a 30% tax on all crypto income. This is in addition to a 1% tax deducted at source (TDS) on crypto transactions.
The significant tax law initially seemed to be aimed at chasing crypto-related companies from the country, but Coinbase’s decision to make its services available in India proves otherwise. If anything, it demonstrates that the global crypto community has not given up on the country because of its vast potential, one of which is a large number of poor and unbanked people.
As the goal of crypto is to bring financial inclusion to all, India represents a fertile ground that remains untapped, and Coinbase is set to explore that with its expansion to the country.
Major exchanges interested in India
Coinbase is just one of the top crypto exchanges showing interest in India. Binance, the largest crypto exchange globally, is another exchange that has a huge presence in India.
In 2019, the exchange acquired WazirX, one of the top exchanges in India. Binance has also invested heavily in new talents coming up in the crypto space in the country and, with Coinbase, will hopefully establish crypto and web3 in India.