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The announcement was made at an event in India's Bengaluru technology hub.
Users in India are now able to trade cryptocurrencies on CoinBase, the official announcement was made on April 7.
The company's exchange app will begin operations in India, according to an event at the Bengaluru technology hub. Coinbase is the world's second largest exchange by trading volume.
Brian Armstrong, co-founder and CEO of Coinbase, has been staying in India for the past few weeks, giving the first time information about the "long-term investment" CoinBase is making in the country. Surojit Chatterjee, Product Manager of CoinBase, later proved that users are reaching out and getting used to the exchange.
The news comes at a time when India has issued more taxes on cryptocurrencies. The law includes a 30% tax on profits from cryptocurrency transactions, which took effect April 1, and a controversial 1% tax deductible at source (TDS), effective July 1.
Armstrong acknowledged that, as new tax laws emerged, the market declined in attractiveness, and regulatory hurdles were posing challenges in the development and dissemination of technology.
"We know that bringing this technology to market is not easy. We are also not sure about its development in the future. But we are committed to working with our banking partners, regulators, especially the people of India because they are really interested and eager to use this service."
To start using Coinbase, users will have to set up a UPI (Consolidated Payment Interface) payment method. It is an instant real-time payment system, which supports Peer to Peer transactions or between individuals and sellers, managed by india's central bank. "India is very ready for UPI." Armstrong said.
Director Chatterjee explained how setting up UPI would be the first step in buying cryptocurrencies. Previously, Coinbase had invested more than $150 million in more than 10 companies in India including "Polygon, CoinDCX, CoinSwitch." This week, Coinbase announced plans to recruit 1,000 Indian employees into the company's tech hub by the end of the year.
