in a company blog post on Monday.
“Coinbase Ventures has already invested $150 million in home-grown Indian technology companies in the crypto and web3 space, and is constantly identifying new opportunities to help Indian founders scale,” Armstrong wrote.
Its corporate venture arm Coinbase Ventures has backed crypto unicorns, CoinDCX and CoinSwitch Kuber.
“Coinbase’s Indian tech hub was launched last year and already has over 300 full-time employees across India’s state and regions. We are excited to tap into the dynamic Indian software talent to build out our products and will continue to invest heavily in our India hub. We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone,” he added.
Armstrong, who is visiting India, said, India’s payment, identity infrastructure coupled with its talent made it ripe for innovation in web3 (a catch-all term for companies building products on blockchain/for blockchain companies) and crypto.
“India had built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India’s world-class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals,” he said.
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ET reported on March 21, that Coinbase, one of the largest cryptocurrency exchanges in the world,
was hiring for multiple senior roles, including in business and policy.
The company has collaborated with Web3 incubator Buidlers Tribe, to invest up to $1 million in Web3 startups. Rival FTX Ventures which has a corpus of $2 billion – has partnered with SuperteamDao and launched FTX Superteam. Indian founders building on the Solana blockchain will have access to up to $1 million of capital from FTX Ventures, Balaji Srinivasan, and other operator angels in the Superteam network.