India's crypto markets are gearing up for a new era, as global crypto firms like Coinbase set up in India
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International cryptocurrency exchange Coinbase announced on Thursday that its trading services are now available in India. Announcing the decision during a crypto community event in Bengaluru, Coinbase added that customers will be able to trade up to 157 different crypto assets on its platform, as well as buy cryptocurrencies in Indian rupees. Coinbase is also offering a referral program and early-bird sign-up incentives in an effort to attract new users.
Coinbase is already an investor in two of the country's top exchanges, CoinSwitch Kuber and CoinDCX.
“Coinbase Ventures has already invested $150 million in home-grown Indian technology companies in the crypto and web3 space, and is constantly identifying new opportunities to help Indian founders scale’’, said Brian Armstrong, co-founder and CEO of Coinbase, in a recent blog post.
The platform’s launch in India comes at an interesting time for the country's investors when they are grappling with fresh new regulations. A 30 percent tax on earnings from crypto transactions and a one percent tax deducted at source (TDS) announced in the Union Budget by Finance Minister Nirmala Sitharaman earlier this year, has not thawed the enthusiasm of the market or the community. And Coinbase is ready to enter the fray.