US Crypto Exchange Coinbase Expanding Workforce in India
Coinbase, the US-based crypto exchange, is actively recruiting for product and technology positions in India. Despite regulatory setbacks, the company is looking to fill roles such as software engineers, engineering managers, data scientists, and vendor management analysts. Although the exact number of new hires is undisclosed, around 30 open positions have been listed on Coinbase’s LinkedIn page in the past three weeks.
India Becoming a Hub for Crypto Exchanges
Coinbase’s hiring efforts in India reflect a larger trend of establishing tech talent hubs in the country. Other cryptocurrency companies like Gemini have also been focusing on recruiting Indian tech talent. Gemini has committed to spending $24 million to establish its tech base in India.
Hiring Spree Follows Previous Layoffs
After multiple rounds of layoffs in recent years, Coinbase has resumed its hiring activities. The company laid off around 950 employees in January 2023 and faced challenging market conditions in June 2022, resulting in layoffs of approximately 18 percent of its global staff, including some India-based employees. Despite these challenges, Coinbase is persistently investing in talent acquisition, particularly in India.
Challenges Faced by Coinbase in India
Coinbase has encountered difficulties in India due to high taxes on crypto gains and challenges associated with enabling UPI-based payments on its platform. UPI facilitates instant transfers between bank accounts. Despite these obstacles, Coinbase initially launched its services in India in April 2022 and expressed plans to expand its Indian tech hub.
Hot Take: Coinbase Expands Workforce in India to Overcome Regulatory Challenges
Despite facing regulatory setbacks and previous layoffs, Coinbase remains committed to expanding its workforce in India. The company recognizes the country’s potential as a tech talent hub and is actively recruiting for various product and technology positions. This hiring spree aligns with a broader trend of cryptocurrency companies establishing a presence in India. Although challenges persist, such as high taxes and payment infrastructure limitations, Coinbase sees the value in investing in Indian talent. By expanding its team in India, Coinbase aims to overcome regulatory obstacles and continue its growth in the country’s crypto market.
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