In recent months, being into the crypto industry we can clearly observe that India is becoming one of the booming spaces for cryptocurrencies. After all bans and regulations put up in India, it is now growing as a leading crypto operator around the world, rising the user base.
Further targeting the rise case, Coinbase Ventures, an investment group of Coinbase crypto exchange is partnering with BuildersTribe. However, joining hands with the incubators, Coinbase Ventures plans to host an in-person pitch up event in Bangalore, the Tech hub of India on 8th April 2022.
Through this partnership, Coinbase Ventures is planning to invest $1 million on Indian crypto markets and Web3 initiatives. In order to grab more attention, the Ventures also joins with BeliefDAO. Thereby, offering $1MM chance for the winners and a $25K grants and membership for best talents in crypto space.
Booming Indian Crypto Market
So, the awaiting Startup Pitch event will be hosted in Bangalore as the state is marked as the Tech Hub of India. Through the strategic partnership with BuildersTribe and BeliefDAO, the Ventures firm is aiming to find the rising interest of international investors in India’s crypto space.
Besides, as there were so many crypto regulations, bans and crypto tax laws, India was not operating any crypto services. But now it is very clear for all users about the practice of digital currencies inside the country.
Thus, using this as a smart loophole, the Coinbase Venture firm is tapping into India’s software brains with crypto and Web3 technologies. In addition, the CEO of Coinbase exchange reveals that the investment firm plans to integrate and improve India’s economy and financial status.
Moreover, effective from April 1st, the Indian Finance department brought in a new tax rule imposed on the crypto industry. It clearly states, 30% crypto tax on crypto holdings and transactions. Additionally, crypto users cannot waive off their tax bills even if they face loss against profits.
Besides all these, Coinbase exchange invested over $150 million in Indian crypto markets and Web3 companies prior to the Ventures firm. More so, the exchange also has a super plan of hiring 1000 employees to work in Coinbase’s Indian tech hub.
Notably, especially to mark this as a quote by CEO of Coinbase, Brain Armstrong,
“India is a magical place building a great future for crypto space. Thus, our team is thrilled to build that future, making this event a small important step for a bright future.”