Coinbase Will Invest In Indian Crypto Startups Amid Regulation Clarity

Coinbase will invest in Indian crypto startups amid regulatory clarity and will include an in-person pitching event to help boost the financial inclusion goals via Web3 and crypto investments so let’s read more today in our latest Coinbase news.

Coinbase will invest via its Ventures branch with a plan to allocate $1 million to various Indian cryptocurrency and Web3 initiatives. In a blog drafted while being in India, Coinbase CEO Brian Armstrong revealed that the venture company intends to tap into India’s software talent and web3 technologies while helping the country to boost its financial and economic inclusion goals.

📣Calling India’s cryptopreneurs!

Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.

$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto.

— Coinbase (@coinbase) March 21, 2022

The in-person pitch day will be hosted in Bengaluru alongside Builders Tribe which will be supported by Belief DAO to provide more grants up to $25,000. the rising interest of investors in India’s crypto space can be attributed because of the regulatory clarity that was brought on by the controversial crypto tax law.  The law requires all Indian citizens to pay 30% of the unrealized crypto gains as tax and the investors won’t be allowed to offset the crypto losses and compensate for the taxation. When asked about the Web3 technologies as disruptors, Builders Tribe co-founder Pareen Lathia said that the Indian entrepreneurs are excited to take out their companies global:

“Tax law is just one positive step. This is a paradigm shift and regulations will catch up.”

While the Indian Finance Minister Nirmala Sitharaman shared her intent to rethink the tax in the near future, Coinbase’s entry into the market attracted over 110 applicants. Coinbase previously invested $150 million in crypto and web3 companies with plans to onboard 1000 employees in the tech hub. Establishing regulations serves as a clear invitation to foreign investments according to Armstrong:

“India is a magical place, and I believe crypto has a big future here. We’re excited to help build that future, and this event is an important step.”

100+ applications have rolled in for the @BuidlersTribe x @coinbase Ventures pitch day in Bangalore!

We have some MIND BLOWING insights on this amazing set of applications!

Read on 👇

— Buidlers Tribe (@BuidlersTribe) March 27, 2022

Armstrong remained at the forefront of attaining regulatory clarity on crypto in the US and in the past year, Coinbase overcame plenty of hurdles that were put forward by Congress and the SEC with the company expected to play a key role in regulatory discussions around crypto. The Maharashtra state government partnered with LegitDoc also to roll out 65,000 caste certificates to aid in the process of delivering governmental schemes and benefits.

“Web3 takes the concept of democratization to a whole new level, whereby, data/information can not only be made openly sharable but can be made openly unfalsifiable.”