American crypto firm Coinbase has announced the launch of its trading services in India. Coinbase operates the second largest crypto exchange in terms of trading volume. Users in India will be able to trade in more than 150 crypto assets through this. Coinbase gave this information during an event of the crypto community in Bangalore. It said that chat support will also be available for Indian users and initial users will be given a sign-up incentive.
cryptocurrencies to buy coinbase Customers will get the facility to make payment through Unified Payments Interface (UPI). UPI is the largest retail payment platform in the country in terms of transaction volume. However, Coinbase has not disclosed the details of its banking partners for UPI payments. Coinbase co-founder and CEO Brian Armstrong said that his firm is making long-term investments in India. New users using the Coinbase app will be rewarded with a reward payout of Rs 201 on completing their first purchase. Brian had told in a blog post that his firm has invested about $ 150 million in Indian technology companies related to crypto and Web 3 segments.
“We believe that crypto and Web 3 technology, owing to India’s world class software talent, can help in achieving the country’s economic and financial inclusion goals quickly,” he said. Coinbase also plans to quadruple its number of employees in India by the end of this year. Its current strength of employees is around 300.
According to an estimate, the number of people holding cryptocurrencies in the Indian subcontinent is more than 100 million. The central government takes a cautious approach to the digital assets segment. However, it does not plan to ban or ban the crypto industry. On profits from trading cryptocurrencies in the country since the beginning of this month tax have to give. A law related to crypto was proposed in this year’s budget and it was passed in Parliament. With this, virtual digital assets will come under the tax net in the country. Crypto firms are apprehensive that the introduction of tax on this segment in the country may pull investors out of it.