Zinger Key Points
- Coinbase is looking to expand its employee base for product and technology roles in southern India.
- Coinbase faced significant setback in its Indian operations with its UPI payment option being discontinued.
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After facing discontinuation of services in its Indian operations and conducting multiple rounds of layoffs in 2022 continuing into 2023, global crypto exchange, Coinbase Global Inc COIN has now indicated signs of hiring in India for its product and tech roles.
What Happened: Moneycontrol reported that Coinbase is looking to fill various key product and technology positions mainly in the southern Indian cities of Bengaluru and Hyderabad. Regulatory pressures and the discontinuation of services (from October 2023) are recent challenges faced by the exchange.
The positions are available for remote work, and Coinbase indicated around 30 open positions on LinkedIn in the past three weeks. The company website also highlights around 14 open positions in India locations.
“Coinbase suddenly started hiring in the past month or so for product and tech roles. Crypto companies like Coinbase and Gemini are working on setting up tech talent hubs in India,” an anonymous told Moneycontrol.
Also Read: Coinbase CEO Armstrong Reacts To Binance CEO's Resignation: 'New Chapter For This Industry'
The step comes after Coinbase conducted significant layoffs in 2022, followed by almost 950 employees being laid off in January 2023. The global crypto exchange encountered difficulties due to India imposing substantial taxes on cryptocurrency profits within the country, along with obstacles in facilitating UPI-based transactions for purchasing or selling cryptocurrencies on the platform.
India In Focus: Amid the broader cryptocurrency rally, crypto companies like Coinbase and Gemini are looking to capitalize on India’s cost-effective engineering workforce. In late September 2023, crypto exchange Gemini announced a $24 million investment to expand its Indian operations spread over the next two years.
With a workforce of more than 70 employees, Gemini’s India office is looking to hire software engineers, technical product managers, and professionals in people operations and talent acquisition, finance, support, and compliance roles.
Read Next: 'Coinbase Is Focused In A Complicated Environment,' Will Benefit From Bitcoin ETF Approval: Analyst
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