Coinbase’s plan to establish an outpost in India may clash with anti-crypto laws

Leading US crypto exchange Coinbase has indicated that its India office plans are on track. The company is going to set up a tech hub in India.

About two months after coinbase hired former Google Pay lead engineer Pankaj Gupta as VP Engineering and Site Lead, on July 2, Coinbase co-founder Brian Armstrong tweeted: “Coinbase is building out an office in India! Amazing team already in place – come join us.” 

The tweet also had a blog written by Gupta where he elaborated on the company’s hiring plans for the proposed tech hub.

At the moment, Indian crypto exchanges are facing an acute crisis due to the denial of regular services from leading banks in the country. The RBI believes cryptocurrencies are a threat to financial stability and plans to launch its own digital coin.

Given this backdrop, the decision of Coinbase to set up a tech hub for its global crypto exchange services is sure to stoke the crypto or no-crypto debate in the country.

“Coinbase is fully committed to expanding the understanding of crypto and blockchains in the region,” Gupta assured.

Coinbase has put out a recruitment notice on its website for 20 engineers with different specializations for its India operations. Gupta says, “We have ambitious plans for this hub in the near future — we want to hire hundreds of world class engineers in the near term.”

The company has also announced to pay $1000 in crypto to all new hires so that they can use the coin called “CIkka”, the Hindi equivalent for “coin”, and use the experience and knowledge to make their crypto offering a better product and experience for the users.

“Our expectation is that they’ll leverage this offering to learn about crypto, and will use this knowledge to help us build the next generation of products that will delight our customers around the world,” Gupta said in his blog.