Coinbase, FTX to Ramp Up Investment in India, But Experts Warn the Country's Crypto Space May Face Chaos

cryptonews.com:

Major crypto exchange Coinbase aims to further expand its crypto hub in India by hiring more talent, as crypto derivatives exchange FTX considers investment in India’s Mobile Premier League (MPL), the country's largest eSports and mobile gaming platform. However, Indian crypto veterans warn that the announced levy in the country's crypto tax bill could suck liquidity out of the market, leading India's crypto industry to chaos.

Coinbase CEO Brian Armstrong, who has spent the last week touring India, has said that the crypto exchange aims to capitalize on India's "world class software talent" and hire a number of people in 2022 in a bid to expand its crypto hub in India.

"We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone," he said in a recent blog post.

Armstrong also revealed that Coinbase will be hosting a crypto community event in Bangalore on April 7. He added that Coinbase Ventures,the investment arm of Coinbase, will host a startup pitch event on April 8 in partnership with the Indian incubator Builders Tribe.

Coinbase launched its tech hub in India last year and has over 300 full time employees, according to Armstrong, who also said the exchange's venture arm has invested USD 150m in Indian technology companies working in the crypto and Web 3 space.

"India is a magical place, and I believe crypto has a big future here," he said. 

Likewise, Bahamas-based FTX intends to double down on its investment in India by pouring money into India's MPL, TechCrunch reported, citing three sources familiar with the matter.

While the plans are yet to be finalized, this would mark FTX's first direct investment in an Indian startup. Prior to this, FTX had inked a number of partnership and