Coinbase Ventures will hold an in-person pitching event in Bengaluru to aid with the acceleration of India’s financial inclusion aspirations via crypto and Web3 investments.
Coinbase Ventures, the investment arm of the American cryptocurrency exchange Coinbase, has announced plans to invest $1 million in different Indian cryptocurrency and Web3 ventures via an in-person pitching event.
Coinbase CEO Brian Armstrong disclosed in a blog post written while in India that the venture company plans to tap into India’s software expertise using crypto and Web3 technologies, hence accelerating India’s economic and financial inclusion ambitions.
On April 8, an in-person pitch day will be held in Bengaluru in collaboration with Buidlers Tribe, with Belief DAO providing bonus rewards of up to $25,000. Foreign investors’ growing interest in India’s crypto market might be ascribed to the contentious crypto tax law’s recent regulatory clarification.
India’s crypto tax legislation, which went into force on April 1, mandates all Indian individuals to pay 30% tax on unrealized crypto earnings. Furthermore, investors will not be able to offset any crypto losses in order to compensate for taxes.
When questioned about the widespread perception of Web3 as a disruptor, Buidlers Tribe co-founder Pareen Lathia told Cointelegraph that Indian entrepreneurs are eager to expand their businesses globally. Lathia disclosed the following when asked about the effect of the new tax legislation on recruiting foreign investments:
“Taxation is just one good step. This is a paradigm change, and restrictions will follow.”
While Indian Finance Minister Nirmala Sitharaman has already stated her intention to reconsider the crypto tax in the near future, Coinbase’s debut into the market has drawn more than 110 applications.
Coinbase has already invested $150 million in Indian crypto and Web3 firms, according to Armstrong, and aims to hire 1,000 people at Coinbase’s Indian tech cluster. The establishment of laws serves as a clear invitation to foreign investment, according to Armstrong.
“India is a fascinating location, and I feel that cryptocurrency has a bright future here.” We’re pleased to be a part of shaping that future, and this event is a crucial first step.”
Armstrong is still at the forefront of achieving regulatory certainty in the United States for cryptocurrencies. Coinbase has overcome various regulatory difficulties imposed by the United States Congress and Securities and Exchange Commission over the last year. As a consequence, the business is likely to play a crucial role in regulatory deliberations over cryptocurrency that will reverberate throughout the world.
As part of the Digital India effort, the state government of Maharashtra in India began utilizing Polygon blockchain technology to issue caste certificates.
The Maharashtra state government collaborated with LegitDoc to distribute 65,000 caste certificates to help with the delivery of government initiatives and benefits.
Shubham Gupta, an Indian Administrative Service (IAS) official, told Futureassets that the Indian government is continuously looking for innovative technology that might assist democratize citizen services:
“Web3 takes the notion of democratization to a whole new level, allowing data/information to be made not just freely sharable, but also openly unfalsifiable.”