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Coinbase announces full scale crypto trading in India

Coinbase announces full scale crypto trading in India

Announcement was made at company event in Bengaluru. CEO Brian Armstrong acknowledged obstacles put worth by the new crypto tax.

Coinbase announces full scale crypto trading in India Coinbase announces full scale crypto trading in India

International cryptocurrency exchange Coinbase announced on Thursday at an event in Bengaluru that their trading platform would be available for retail traders in India.

Coinbase, which is the world's second-largest exchange by trade volume, said that customers will be able to purchase cryptos through the exchange by using the Unified Payments Interface (UPI), a payment method that now accounts for 60 per cent of retail payment traffic in the India.

Interestingly, crypto trading in India has been hit significantly because of the new tax laws. Trading volumes on Indian crypto exchanges have dropped significantly and exchanges are also facing liquidity crunches. And CEO Brian Armstrong did acknowledge these constraints while speaking at the event.

He said, "We know it's not going to be a straight shot to bring this technology. We don't know exactly how it's going to evolve. But we're committed to working with bank partners, regulators, most importantly, the Indian people because they've shown a real spark of interest in cryptocurrency, and there's a real desire to get access to some of these services and products."

On Monday, Armstrong had announced on his blog that the exchange is planning to hire over 1000 people for their India office. Moreover, he also spoke about the exchange’s investments in Indian crypto startups and highlighted that the exchange has plans of further expansion in the country.

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Published on: Apr 07, 2022, 4:49 PM IST
Posted by: aakanksha chaturvedi, Apr 07, 2022, 4:44 PM IST