Coinbase through its investment arm Coinbase Ventures plans to invest $1 million in Indian cryptocurrency and Web3 initiatives.
Brian Armstrong, Coinbase CEO, in a blog post revealed that it intends to tap into India’s software talent with the crypto and Web3 technologies. It wants to help accelerate India’s economic and financial inclusion goals. Moreover, Coinbase Ventures is collaborating with @BuildlersTribe to host an in-person pitch day in Bangalore this month.
Coinbase tweeted that over $1 million is up for grabs, including $25,000 bonus grants provided by @BeliefDAO. There will also be mentoring sessions with the best minds in the crypto industry. The in-person pitch day to be held on April 8 will attract foreign investors to India’s crypto space. This can be attributed to the Indian government’s recent regulatory clarity brought forth by the controversial crypto tax law, which has been effective since April 1. The crypto tax law requires all Indian citizens to pay 30% of unrealized crypto gains as tax. The investors cannot offset any crypto losses to compensate for the taxation.
Pareen Lathia, the co-founder of Buildlers Tribe, highlighted that Indian entrepreneurs are excited to take their firms global. In regards to the crypto taxation law, Lathia described it as a positive step. The investor said it’s a paradigm shift and regulations will catch up.
Armstrong pointed out that Coinbase previously invested $150 million in Indian crypto and Web3 companies. The American crypto exchange plans to onboard 1,000 employees in Coinbase’s Indian tech hub. Armstrong said India is a magical place. He believes crypto has a “big future” in India. And Coinbase is excited to help build that future, with this event being an important step.