U.S. cryptocurrency exchange Coinbase has announced its entry into the Indian cryptocurrency market despite the uncertainty of legal usage of cryptos in the country.
The exchange said in their blog post that they plan to house some IT services, including engineering, software development, and customer support operations in India.
They stated,
“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.”
Although the announcement has been made, there seem to be no listing of job positions specific to India on Coinbase website or any other job portal.
The blog post also mentioned that the company plan to expande their geographic diversity to other countries like Japan, Singapore, Ireland, Canada, and U.K.
Expectations are that Coinbase will go for an IPO via direct listing next month, with limited trading of its shares in private markets. As per market pundits, the company could be valued above a hundred billion dollars.
All this comes around the time when rumours and naysayers have been countering the government’s claim about the state of cryptocurrencies in India. While there was previous news that the government may ban cryptos entirely and come up with its own digital currency, the finance minister, Nirmala Sitharaman has eased this rhetoric of a complete ban and stated that the government may not “shut the doors completely” and allow certain fields to experiment with the underlying technology.