In a surprising move, global crypto exchange Coinbase is actively hiring for technology roles in India, despite discontinuing its services in the country at the end of October. The company is filling various positions, including software engineers, engineering managers for platform-payments, data scientists, and vendor management analysts. This strategic expansion comes amidst the backdrop of challenges faced by Coinbase in the Indian market, including high taxes on crypto gains and regulatory constraints on UPI-based payments.
The hiring surge, which began in the past month, signifies a notable shift in Coinbase’s approach to talent acquisition, especially after multiple rounds of layoffs in 2022 and 2023. Despite the company’s rocky start in India, marked by the discontinuation of services and the withdrawal of the UPI payment option, Coinbase is forging ahead with plans to strengthen its tech presence in the country.
Coinbase’s entry into the Indian market in April 2022 was initially met with enthusiasm, with promises of a significant expansion of its tech hub and the addition of over 1,000 employees. However, the journey faced setbacks, including the disabling of UPI-based payments due to regulatory pressure. In September 2023, Coinbase officially discontinued services in India, extending the withdrawal deadline to October 31.
Interestingly, Coinbase is not alone in recognizing the strategic importance of India in the crypto landscape. Its global peer, Gemini, founded by the Winklevoss brothers, is also establishing a significant tech hub in Gurugram, planning to invest $24 million over the next two years. The trend extends beyond the crypto industry, with multinational companies increasingly setting up global capability centers (GCCs) in India, drawn by the country’s skilled English-speaking engineering talent and cost-effectiveness.
As Coinbase and Gemini embrace this trend, their efforts contribute to the growing number of GCCs in India. According to Nasscom data, approximately 150 companies have established GCCs in the past two financial years. EY’s Future of GCCs in India report predicts a substantial increase in the workforce of these centers, projecting a rise to 4.5 million by 2030 from the current 1.9 million.
