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Leading global cryptocurrency exchange Coinbase has made a surprising move by actively supporting its workforce in India, signaling a strategic focus on product and technology roles. Despite regulatory challenges and the suspension of services, Coinbase has highlighted key roles in Bengaluru and Hyderabad, even embracing remote work and actively recruiting for around 30 positions.
Challenges and Opportunities in India
Despite facing regulatory pressures and challenges in the Indian market, Coinbase’s recruitment drive aligns with a broader trend in the cryptocurrency industry. Leading companies like Coinbase and Gemini consider India a hub for talented and cost-effective technology specialists.
The recent increase in hiring indicates a renewed determination to establish a robust technology team in India. This move contrasts with previous decisions, such as the layoffs affecting about 950 employees in 2022. Additionally, it is worth mentioning that the workforce in India is extremely cost-effective, which could be one of the reasons for Coinbase’s move.
India’s Strategic Importance in the Cryptocurrency Space
Coinbase’s expansion in India underlines the strategic importance of the country in its global operations. Despite setbacks and legal hurdles, the company’s effort to tap into India’s technology talent pool is in line with the trend of global companies establishing Global Capability Centers (GCCs) in the country.
Although Coinbase has not shared details regarding its expansion, the increased focus on hiring in India suggests a broader recognition of the country’s importance in the cryptocurrency exchange’s long-term plans. Navigating the dynamic environment of the cryptocurrency industry, this move positions India as a key player in the company’s future endeavors. The emphasis on technological talent, despite the suspension of services, reflects the changing priorities of global cryptocurrency exchanges and their strategic approaches to leveraging India’s expertise in technology.
Recently, it was announced as a significant development that the publicly traded shares of the cryptocurrency exchange Coinbase reached their highest level of the year at $166.4, surpassing the levels last seen in May 2022.