Coinbase, a cryptocurrency exchange, has announced that it will open a business presence in India. Despite rumours that the government may ban cryptocurrencies, the company has posted multiple job openings for its Indian operations. Coinbase revealed in a blog post that it will set up engineering, software growth, and customer service operations in India for people who want to buy and sell cryptocurrency.
"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 crypto economy," the company said.
Coinbase further stated, "We expect to open a physical office, initially in Hyderabad, for Indian employees as Covid-related conditions allow."
Besides that, Coinbase is planning for an initial public offering (IPO) with a direct listing on Nasdaq, which has reportedly been postponed following a $6.5 million fine from the US Commodity Futures Trading Commission (CFTC).
The Indian government is rumoured to be considering banning cryptocurrencies. The crypto bill was expected to be introduced during parliament's Budget session, but the session has ended and the crypto bill is yet to be introduced. Coinbase's announcement of its presence in India comes as the Indian government is considering a cryptocurrency ban, as well as penalties for miners and traders of famous cryptocurrencies such as Bitcoin.