American crypto firm Coinbase, which operates the second largest crypto exchange in terms of trading volume, has announced the launch of its trading services in India. This information was given by Coinbase during an event of the crypto community in Bangalore. It says that users in India will be able to trade in more than 150 crypto assets through this. Chat support will also be available for Indian users. Beginner users will be encouraged to sign-up.
Coinbase customers will be able to make payments through the Unified Payments Interface (UPI) to purchase cryptocurrencies. UPI is the largest retail payment platform in the country in terms of transaction volume. However, Coinbase has not disclosed the details of its banking partners for UPI payments. Coinbase co-founder and CEO Brian Armstrong said his firm is making long-term investments in India. New users using the Coinbase application will get Rs. 201 will be awarded. Brian said in a blog post that his firm has invested around $150 million in Indian technology companies in the crypto and Web3 segments.
“We believe that crypto and Web3 technology can help the country achieve its economic and financial inclusion goals faster due to India’s world-class software talent,” he added. Coinbase also plans to quadruple its workforce in India by the end of this year. Its current workforce is around 300.
By one estimate, the number of people holding cryptocurrencies in the Indian subcontinent is over 100 million. The central government is taking a cautious approach to the digital asset segment. However, it is not planning to ban or ban the crypto industry. The country will have to pay tax on profits from cryptocurrency trading from the beginning of this month. A law regarding crypto was proposed in this year’s budget and was passed in Parliament. This will bring the country under the ambit of Virtual Digital Asset Tax. Crypto-related companies fear that taxing the segment in the country could drive investors out of it.