The US-based cryptocurrency exchange Coinbase has decided to set up its base in Hyderabad and will hire talents even as uncertainty around the regulation for cryptocurrency continues.
“We are happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development and customer support operations in India, we will benefit from its huge pool of world-class engineering talent,” the company said in its blog on March 25.
“We expect to open a physical office, initially in Hyderabad, for Indian employees as COVID-related conditions allow,” the company said.
The company, founded in 2012, is planning to list in the US exchanges. It exchanges cryptocurrencies like Bitcoins and Ethereum, and has 43 million users.
The Coinbase group will work with the talents here to develop new ways for its customers to interact with the crypto economy. The talents will also have the option to work across various locations in their country of hire.
“Along with active hiring in the US, the UK, Ireland, Japan, Singapore, Canada and the Philippines, establishing a presence in India is another important step to building more geographic diversity in our remote-first workforce,” the company said.This comes at a time when the Indian government is mulling a ban on cryptocurrency, which the industry said would be a setback. Nandan Nilekani, chairman, Infosys, said during a recent event that Indians should be allowed to have crypto as an asset class.