Coinbase Ventures is an investment arm of American crypto exchange Coinbase. It shared a plan for $1 million to invest in various Indian cryptocurrency projects and Web3 initiatives through an in-person pitching event.
Brian Armstrong, Coinbase CEO, revealed in a blog post that he wrote while on his trip to India that the venture company intends to tap into India’s software talent using the crypto and Web3 technology and help India achieve its economic and financial inclusion goals.
Calling India’s cryptopreneurs! Coinbase Ventures has partnered with @BuidlersTribe in order to host an in-person pitch event in Bangalore in April. There are $1M+ in prizes, including $25k bonus grants from @BeliefDAO and mentoring sessions with some of the most innovative minds in crypto.
— Coinbase (@coinbase) March 21, 2022
April 8. 8 in Bengaluru, the in-person pitch event will take place in partnership with Buidlers Tribe. Belief DAO will also support Buidlers Tribe by providing bonus grants of up to $25,000. Foreign investors are increasingly interested in India’s crypto market due to recent regulatory clarity provided by controversial crypto tax law.
India’s crypto tax law, which is in effect since April. 1. All Indian citizens must pay 30 percent of unrealized cryptocurrency gains tax. To compensate for the tax, investors won’t be permitted to offset crypto losses.
Pareen Lathia, co-founder of Buidlers Tribe, said that Web3 is a disruptive technology and that Indian entrepreneurs want to go global. Lathia spoke out about the potential impact of tax reform on foreign investment.
“Tax law represents one positive step. This is a paradigm shift, and regulations will catch up.”
Although Nirmala Sitharaman, Indian Finance Minister, has expressed her intention to reconsider crypto tax in the near-term future (see previous post), Coinbase’s entry has attracted more than 110 applicants.
1. Chains 44% are built on @0xPolygon 11% are built on @ethereum 5 projects can be multi-chain! https://t.co/tofMDcr5pv
Buidlers Tribe (@BuidlersTribe), March 27, 2022
Armstrong claims that Coinbase previously invested $150 million into Indian crypto and web3 companies. The company also plans to hire 1,000 people in its Indian tech hub. Armstrong said that regulations are a clear invitation for foreign investment.
“India is a magical country, and I believe that crypto has a huge future in this country.” This event is an important step in helping to build that future.
Armstrong is still at the forefront in achieving regulatory clarity regarding cryptocurrencies in the United States. Coinbase has overcome many regulatory hurdles over the past year. The company is now expected to play an important role in the global regulatory discussions surrounding crypto.
Related: Indian state government uses Polygon for verifiable casting certificates
As part of the Digital India campaign, the state government in Maharashtra used Polygon blockchain technology for issuing caste certificates.
LegitDoc and the Maharashtra state government have partnered to issue 65,000 caste certificates in order to facilitate the delivery of governmental schemes.
Shubham Gupta, an officer of the Indian Administrative Service (IAS), told Cointelegraph that India is constantly on the lookout for disruptive technologies that could help citizens get their services democratized.
Web3 is a new way to think about democratization. Data/information can now be shared openly and can also be untrued.