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Coinbase Increases Footing in India Despite Harsh Tax Laws

Undeterred by the regulatory uncertainty, Coinbase expands its offerings in India.

One of the largest crypto exchanges in the world, Coinbase is expanding its outreach in India.

It is making rounds among not just investors but also entrepreneurs.

Coinbase Supports Indian Startups

Coinbase Ventures, the investment arm of Coinbase, has partnered with India based Web3 incubator Buidlers Tribe to invest and support Web3 startups.

It is offering over $1 million along with $25000 bonus grants provided by Belief DAO and also mentorship by industry stalwarts to startups. These startups will be selected through a pitching competition.

This is coming at a time when the Indian Government has imposed a harsh tax regime with a view to curb the crypto proliferation in the country.

“At Coinbase, we are extremely excited about Web3 innovation happening in India and look forward to continuing our ongoing support of the Indian crypto/Web3 ecosystem. The Web3 community in India is quickly becoming a global force, and with our initiative with Builders Tribe, we are demonstrating our commitment to fostering this talent.”

Shan Aggarwal, VP, Coinbase Ventures

“India has been at the forefront of the Web3 boom globally and has been bullish on the potential of this technology. We see a huge influx of global Web3 players recognizing this potential of the Indian developer ecosystem and are incredibly proud to stand with our fellow Web3 pioneers. We look forward to interesting projects that are building a sustainable decentralised space for all,” said Pareen Lathia, co-founder, Buidlers Tribe.

Twenty five top entries have been selected as of now. The final will take place on April 8.

Coinbase Begins UPI and IMPS

Stepping further into the Indian crypto industry, Coinbase has begun rolling out UPI and IMPS support for its users in India.

Indian users reported on the internet that Coinbase has added these deposit systems.

Coinbase has not officially announced anything as of now. So, it is unclear what the scale of the rollout is.

It is also not known which banks Coinbase is collaborating with.

UPI is one of the most used digital payment systems in India. It has made everyday retail payments smooth and seamless. That’s why it is imperative for any offering that caters to retail customers to must support UPI in order to capture the retail segment.

India is becoming a hotbed of Web3 startups. However, the Government is wary of proliferation of crypto as a replacement to the sovereign currency of the country i.e. the Indian Rupee. Considering this it has imposed a tight tax regime to check the adoption of crypto.

News recommendation: New Indian Crypto Tax Law

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