Top US crypto exchange Coinbase is making a new push to expand its presence in India with plans for a big hiring spree.
In a new blog post, CEO Brian Armstrong notes how Coinbase Ventures, the company’s venture capital arm, has already invested $150 million in Indian technology companies in the crypto and web3 space.
Now, the exchange plans on quadrupling its presence in the country by adding 1,000 new full-time employees to its current staff of 300.
Says Armstrong,
“Coinbase’s Indian tech hub was launched last year and already has over 300 full time employees across India’s state and regions. We are excited to tap into the dynamic Indian software talent to build out our products and will continue to invest heavily in our India hub. We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone.”
In a blog post in February, Coinbase’s Nana Murugesan, vice president for international and business development, announced the company’s plans for rapid expansion across the globe.
Murugesan named India as one of the major market opportunities for expansion, highlighting the large number of unbanked people in the country, which is the second most populous in the world.
As part of Coinbase’s plans to get a foothold in India, the exchange made investments in crypto platforms CoinSwitch Kuber and CoinDCX. Murugesan also gave a list of the three key markets that Coinbase was eyeing for expansion.
“A key first step of our strategy is to hire experienced regional and country leaders across the globe. We are now kicking off an extensive global expansion strategy, with hiring and investment plans to enter these markets which will ultimately allow Coinbase to serve customers more locally:
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