Oh, the cosmos! In a universe where cryptocurrencies are the new interstellar currency, Coinbase, the U.S.-based digital asset exchange, has boldly registered with India’s financial regulator, the Financial Intelligence Unit, to boldly go where they tried to go before. 🌌
In an intergalactic blog post on March 11, Coinbase announced that their regulatory approval allows them to offer crypto trading services in India. They’re planning to launch initial retail services later this year, followed by “additional investment and products in India thereafter.” 🛰️🚀
“India represents one of the most exciting market opportunities in the galaxy today, and we’re proud to deepen our investment here in full compliance with local regulations.”
John O’Loghlen, regional managing director for APAC at Coinbase (and possibly a space enthusiast)
Remember when Coinbase tried to launch services in India last year? It was like trying to land a spacecraft on a comet – it didn’t stick. The company introduced support for India’s popular UPI payment system but had to suspend operations just three days later due to some cosmic interference from the National Payments Corporation of India and the Reserve Bank of India. 🚫
But fear not, for Coinbase is back, declaring that India is “embracing regulation and encouraging innovation in the crypto and onchain space,” like a planet ready to welcome alien technology. 🌍👽
The U.S.-based crypto exchange notes that India has become home to one of the “most vibrant startup ecosystems” in the universe, making it a “natural fit” for Coinbase as the country’s share of global developers soared from 3% in 2018 to 12% in 2023. 🚀👨💻👩💻
“India’s developer community and entrepreneurial energy are unmatched. But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that.”
John O’Loghlen (aka Space Cowboy)
Just a day before Coinbase announced its expansion in India, Cathie Wood’s ARK Invest acquired over 64,000 Coinbase shares, worth around $10.5 million at the time of purchase. The acquisition came as Coinbase’s COIN shares fell 17.58% amid broader market turbulence on Monday, March 10, according to Nasdaq data. It seems even the stock market can’t escape the gravitational pull of crypto. 📉📈
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2025-03-11 14:58