American cryptocurrency exchange Coinbase will hire 1,000 people in its India office this year, CEO Brian Armstrong said in a company blog.
Coinbase’s Indian tech hub was launched in 2021 and it currently has over 300 full time employees. Armstrong noted the company’s plan to continue investing heavily in its India hub. Further, the company’s investment arm, Coinbase Ventures has also invested $150 million in Indian technology companies in the crypto and web3 space.
“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale. Combined with India’s world class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals,” Armstrong said.
Last week, Coinbase Ventures along with Buidlers Tribe announced a start-up pitch session for Indian web3 companies and has allocated a prize pool of upto $1 million for winners.
In addition to Coinbase Ventures, other global investors have also started to boost their investments in Indian web3 start-ups. For instance, A UAE-based VC firm, Cypher Capital has recently allocated 40 per cent of its $100 million blockchain fund to invest in Indian crypto and blockchain start-ups. Followed by a US-based investment firm General Catalyst s doubling down on India and noted Web3 as one of its focus investment areas.
Industry leaders believe that India’s thriving ecosystem of 4 million developers, experienced tech operators, and a well-knit web3 community are some of the reasons for the increased global investor interest. Success stories like Polygon (MATIC), which has raised $450 million from Sequoia Capital along with the participation of over 40 marquee venture capital firms — also play a part in attracting this global attention.