US-based Coinbase, an online platform for buying, selling, transferring and storing cryptocurrency, has registered with India’s Financial Intelligence Unit (FIU) to offer crypto trading services in India. The company plans to launch its initial retail services later this year, followed by additional investment and products in India thereafter.
In a company blogpost, John O’Loghlen, Regional Managing Director for APAC at Coinbase shared, “We’re committed to building in markets that believe in the potential of crypto and onchain innovation. India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations.”
Encourage innovation
With this expansion, Coinbase intends to grow its presence in markets embracing regulation and encouraging innovation in the crypto anon-chainin space. India’s emergence as a global technology powerhouse, home to one of the most vibrant start-up ecosystems, makes it a natural fit for Coinbase’s international expansion, the company said.
India has rapidly grown into an on-chain development hub, with its share of global developers increasing from 3 per cent in 2018 to 12 per cent in 2023. Among emerging markets, India now boasts the highest concentration of talent in the chain space.
Empower builders
“India’s developer community and entrepreneurial energy are unmatched,” said O’Loghlen. “But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.”
Paul Grewal, Coinbase’s Chief Legal Officer, was recently appointed to the Board of the US-India Business Council (USIBC), underlining Coinbase’s commitment to fostering ties between the two economies.
Coinbase added that as it builds in India, it will comply with local regulations. “We look forward to growing our presence in India and supporting its role as a global leader in on-chain innovation,” it said in the blog.
