Coinbase, the largest cryptocurrency exchange in the United States, plans to set up a subsidiary in India to help expand local residents’ exposure to cryptocurrencies and facilitate the expansion of its global business.
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Indian Market
The San Francisco-based company plans to start operating in India later this month and has begun hiring employees, according to people familiar with the matter.
More than 300 million Indians use the internet, but less than 10% own a computer. This makes it difficult for many applications such as cryptocurrency wallets to be promoted in India, as users need to download an app and install it on their phones to use these services.
In addition, the Reserve Bank of India may lift its ban on the industry by 2024, which could make India one of the world's largest cryptocurrency markets.
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Coinbase
As a US listed company, Coinbase's market value once reached 1.2 trillion US dollars (about 8.8 trillion yuan) in May 2021, surpassing JPMorgan Chase, the second largest traditional bank in the United States, and was called "Wall Street in the crypto world" by the industry.
However, with the adjustment of the cryptocurrency market, Coinbase's valuation has also fallen sharply, and its current market value is about 220 billion US dollars (about 1.6 trillion yuan). Despite this, the company is still one of the largest cryptocurrency trading platforms in the world.
In addition to the traditional exchange business, Coinbase is also actively exploring possibilities in other fields, such as NFT, DeFi, etc. Recently, the company also announced that it will launch its own digital wallet so that users can manage and store their funds more conveniently.
