IOI
Coinbase (COIN) said on Thursday that its crypto trading services are now available to consumers in India.
Listed below are some key points from the announcement:
- The exchange’s app will now be available in India, according to the company, which announced the news during an event in Bengaluru, India’s innovation capital. By trade volume, Coinbase is the world’s second-largest exchange.
- Coinbase co-founder and CEO Brian Armstrong, who has been in India for the past two weeks, stated that the business is making a “long-term investment” in the country. Surojit Chatterjee, the company’s Chief Product Officer, then showed user onboarding on the exchange.
- The announcement comes as India prepares to implement new crypto taxes. The law includes a controversial 1% tax deducted at source (TDS) that will take effect on July 1 and a 30% tax on earnings from crypto transactions that went into force on April 1.
- Armstrong acknowledged the regulatory challenges of marketing the technology to mainstream acceptability at a time when enthusiasm has waned as a result of the new tax code. “We understand that bringing this technology to market will not be easy. We have no idea how things will turn out. But we’re committed to working with bank partners, authorities, and, most importantly, the Indian people, because there’s a genuine desire to gain access to some of these services and goods “he stated
- Setting up a UPI payment method is required for Coinbase onboarding. The Indian central bank regulates UPI (unified payments interface), which is an immediate real-time payment system that allows peer-to-peer and person-to-merchant transactions.
- “India has showed a real readiness to work with UPI,” Armstrong said. Setting up UPI, according to Chatterjee, is the initial step towards purchasing cryptocurrency. Coinbase has “invested over $150 million in over 10 firms in India,” according to Chatterjee, including “Polygon, CoinDCX, and CoinSwitch.”
- Coinbase stated earlier this week that by the end of the year, it aims to hire 1,000 individuals in India at its innovation hub.
This is a huge move for Coinbase, as they are now entering a market with a large number of potential clients! As of right now, they offer trading in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin – but they are planning on adding more coins in the future! If you’re interested in buying cryptocurrency in India, you can read more about their services in their website.
