Coinbase has established itself as a cryptocurrency exchange that’s taken over the globe. In good news for crypto enthusiasts from India, the company has declared its first startup acquisition in the country – Agara.
Agara is a support platform powered by AI that holds its operations in both India as well as the USA. While the monetary details of the acquisition have not yet been disclosed, it is said that the deal will be fully finalized by the end of the year.
The company believes that the venture will benefit its engineering team immensely thanks to Agara’s rooted machine learning expertise and (NLP) natural language processing. The company will leverage Agara’s deep learning and conversational AI technology to be able to automate as well as improve the Customer Experience (CX) tools.
The company disclosed that, over the past couple of months, it has been able to recruit 5x more support staff, while also promising 24/7 phone support and live messaging by year-end. The company wishes to provide customers with personalized and real-time support options through this new acquisition.
These new developments followed in the footsteps of Coinbase announcing its strategy to establish a tech hub in India in early 2021. For the same, it recruited Pankaj Gupta, a former Google Pay executive, to lead the India development center initiative. Back then, Gupta spoke of exploring more startups to accelerate growth within India, and to be well on the way to becoming a well-rounded tech hub.
Recently in April, Coinbase went public, also backing India’s very own crypto exchanges like CoinDCX and CoinSwitch Kuber.