Coinbase Seeks to Accelerate India’s Web3 Ecosystem Development – CoinCheckup Blog

Key takeaways:

  • Coinbase will host an online crypto conference focused on the Indian crypto economy
  • The leading crypto exchange has partnered with Builders Tribe to award Indian Web3 startups with the best crypto-related ideas with up to $1 million in funding
  • With over 100 million crypto owners, India is home to by far the largest population of digital assets owners in the world

Coinbase CEO says the exchange’s India hub will hire 1,000 new employees this year

Coinbase, a leading cryptocurrency exchange, will host a special online crypto event on April 7, intended to showcase the promise that Web3 and blockchain technology holds for the economic development of the world’s second-most populous country.

According to a blog post written by Coinbase CEO Brian Armstrong, India’s digital payments infrastructure and a vast poot of local software talent can help unlock the country’s economic potential. 

In addition to an online conference that will be held on Thursday, Coinbase Ventures has partnered with Builders Tribe for an exclusive Indian Web3 startups event that will take place this Friday. Teams that will present the best crypto-related ideas will receive up to $1 million in funding.

Coinbase has already allocated $150 million to pursue investment in local Indian tech companies via its venture capital arm. In addition, the exchange launched a dedicated tech hub for India that has more than 300 employees tasked with identifying new opportunities in the blockchain and Web3 space. Armstrong said that the company would expand its India talent-seeking unit with over 1,000 new employees by the end of this year.

Coinbase’s interest in the Asian powerhouse is linked to a rapidly growing rate of cryptocurrency adoption across the country. According to a recently published report from Gemini, a whopping 46% of Indian respondents said they bought crypto for the first time in 2021. Moreover, according to data curated by Triple-A, India is home to by far the largest number of crypto owners, with over 100 million Indians owning some sort of digital assets. For context, the second-placed USA has “just” 27.5 million crypto owners.

Coinbase CEO concluded the blog post by saying:

“India is a magical place, and I believe crypto has a big future here. We’re excited to help build that future, and this event is an important step.”

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