Coinbase crypto exchange’s expansion plans in India include hiring ‘hundreds’ of engineers

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Coinbase sets up new office in India and expands local team. The crypto exchange plans to recruit “hundreds” of engineers as well as hire for product, design and human resources teams. Acquisitions and acquisitions of startups are also on the books. The Coinbase crypto exchange just went public three months ago and is now looking to expand its footprint in one of the most populous countries in the world, India. It has big plans to hire, acquire and make the South Asian country one of its main centers.

Coinbase is building an office in India! An amazing team already in place – come join us https://t.co/yCaJk681pZ

– Brian Armstrong (@brian_armstrong) 1625249316000 The chief executive officer (CEO) of the company, Brian Armstrong, recently tweeted that Coinbase is already building its office outside the country – in Hyderabad – and looking to strengthen its local team.

This includes adding “hundreds” of engineers while recruiting for the human resources, design, user experience and product management teams. According to the blog post of India’s vice president of engineering, Pankaj Gupta, these new hires will be some of the “greatest talent available anywhere in the world.”

We have ambitious plans for this hub in the near future – we want to hire hundreds of world-class engineers in the short term.

Blog post by Pankaj Gupta, VP of Engineering and India Site Manager for Coinbase

Anyone who ends up at Coinbase will receive a one-time sum of $ 1,000 in crypto under the company’s new program called CIkka – pronounced ‘sikka’.

The news comes after the crypto exchange announced that it was working on an app store, which will work like Apple’s App Store, for decentralized apps (DApps).

Publicity

Coinbase wants to be as local as possible

Even though Coinbase is currently based in Delaware, United States, its teams in India will be led by independent directors. They will have the autonomy to make decisions according to the context and local requirements.

The company is “remote first”, so it is open to hiring all over India, not just in Hyderabad where it is based.

In addition to robust hiring, Coinbase hasn’t ruled out acquiring emerging startups. The company has asked interested founders to contact Gupta so their ideas can be discussed further.

Indian media hype and FUD

Cryptocurrencies were a hot investment asset for Indians during the pandemic. Blockchain data analytics firm Chainalysis estimates that Indian cryptocurrency investments have grown from $ 923 at the end of April last year to $ 6.6 billion in May 2021 – that’s a huge jump of 615 %.

But, it also brought more government control. Although there is no official ban on cryptocurrencies in India, the Reserve Bank of India (RBI) continues to frown on it.

Risk-averse banks, in turn, are reluctant to allow customers to exchange their rupees for cryptocurrencies. Since major payment gateways – like Razorpay, PayU, and BillDesk – depend on these banks, they have had to sever ties with crypto exchanges.

As a result, exchanges in the country are currently looking for payment gateways that will allow the conversion. WazirX and CoinSwitch Kuber, for example, have currently partnered with Mumbai-based Airpay for sample transfers. Most exchanges offer alternatives such as peer-to-peer (P2P) transactions or manual settlement, but these are not necessarily an option for most users.

Coinbase’s entry into the Indian market could give the crypto community camps some authority as the Indian government reflects on new crypto laws and taxes.

For a more in-depth discussion, head over to Business Insider Cryptosphere – a forum where users can delve into all things crypto, engage in interesting discussions, and stay ahead of the curve.

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