The country has very well embraced digitalization; and so now is the time to get into depth with the new form of currency that still is quite new for Indians; cryptocurrency.
The United States based cryptocurrency exchange Coinbase has set up an office in Hyderabad. The direct & indirect implications can be understood well by looking into the details.
WHAT EXACTLY IS CRYPTOCURRENCY?
While living in the electronic world; we forgot to get one more aspect achieve digital platforms which is the most important thing; currency. A cryptocurrency is in simple words a digital asset that can be used as a medium of exchange. It is stored in a form of database and a proper cryptography mechanism stays in place to use that. It is not present in physical form and has no relation with central authority. There is a proper usage of ledger technology prominently a block chain mechanism.
Bitcoin was officially the first decentralized cryptocurrency launched in 2009.
BACKGROUND OF COIN BASE
The Coinbase Inc. was started in 2008 by Brian Armstrong & Fred Ehrsam. It is a cryptocurrency platform that enables exchange without any proper physical locations. It is by far the largest cryptocurrency exchange by volume. It provides various products for different segments. The details are mentioned as follows:
| Retail Traders | Bitcoin, cash, Ethereum, Ethereum Classic, Coinbase Pro products |
| Institutional Traders | Coinbase prime, Coinbase Custody |
| Other | USD Coin, Coinbase Card & Coinbase Commerce |
The company also gives API mechanism for merchants & developers. The trading function was provided to 32 countries. The cryptocurrency wallet was also provided in total to 190 countries.
43 million users
7000 institutions
More than 1 Lakh partner in over 100 countries
Revenue of $ 1.14 billion
$90 billion assets
In January itself; the company came up with its initial public offering and then after some time they got themselves registered under the securities & exchange commission.
DETAILS ABOUT INDIA ENTRY
The company has taken a decision to open a business presence in Hyderabad and that too physical. The set up will contain major services like IT, engineering, software development and customer support.
The company quoted this in its blog that “We are happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development and customer support operations in India, we will benefit from its huge pool of world-class engineering talent,”
The group is excited to work with talents here and make a good market for customers to know about the currency. The decision comes at a point when the Indian government doubts on the trading of these and a decision can be expected soon with respect to this.
Anything new in itself brings some basic pros & cons.
You cannot afford to stick with pros & eliminate cons completely.
That’s exactly what has happened with cryptocurrency in India. The largest exchange is all set to enter the territory for hiring but the picture is still quite dismal as the decision rests on the shoulders of the central bank authorities & government. Whatever happens shall be according to the best interest of the entire population on a macro & micro level.