Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Cryptocurrency/  Coinbase to set up branch in India despite uncertainty around crypto regulation
BackBack

Coinbase to set up branch in India despite uncertainty around crypto regulation

The crypto exchange plans to establish a business presence in India as it intends open a physical office, initially in Hyderabad.

Coinbase expects to initially set up a physical office in Hyderabad. (Bloomberg)Premium
Coinbase expects to initially set up a physical office in Hyderabad. (Bloomberg)

The U.S. based cryptocurrency exchange Coinbase is planning to establish its business presence in India and intends to open an office in Hyderabad even as uncertainty around the country’s stance for the digital asset continues.

In a blog post, the company said that it is now hiring in India and expects to open a physical office, initially in Hyderabad, for Indian employees as COVID-related conditions allow. ‘’India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy’’, the company added.

Founded in 2012, Coinbase offers a platform for users to buy and sell several cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin etc. The largest US cryptocurrency exchange has over 43 million users worldwide and the platform’s recent private market transactions had valued the company at around $68 billion this year.

The company in December had confidentially applied with the US Securities and Exchange Commission (SEC) to go public and later revealed its planning to list in the US exchanges in a direct-listing initial public offering. In direct listing, the company sells shares directly to the public without getting help from intermediaries.

Coinbase’s plans to open a branch in India comes at a time when the government is giving mixed signals on the cryptocurrency front. However, in a first, the ministry of corporate affairs (MCA) recently asked all companies in the country to mandatorily disclose any dealings in cryptocurrency or virtual currency in their balance sheets.


Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Saloni Kothari
Covers markets, personal finance and economy for Livemint and currently hosts the 'Millionaire On A Budget' podcast
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Mar 2021, 10:34 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie