By Nathan Ferguson
The firm is apparently going to form an alliance with Builders tribe and Belief DAO to promote the development of the crypto market in India.
Supporting Crypto in India
Indian crypto entrepreneurs are in for a sweet treat as Coinbase, one the worlds latest cryptocurrency exchanges recently revealed on their official account about Coinbase Ventures planning to invest huge in the Indian crypto market, with additional support provided by firms that include, Belief DAO and Builders Tribe.
Investments and Major Events
The tweet from Coinbase mentioned that Coinbase Ventures will be working with Builders Tribe to schedule a live pitch day in the capital city of Bangalore, located in the Karnataka state in India, because of it being the main point of India’s high-tech industry.
Additionally, the tweet also mentioned that an investment of more than a million dollars will also distributed among deserving players in the market, with a bonus of around $25,000 dollar bonus grants being issued by Belief DAO and several learning opportunities from mentors that are popular for their knowledge in the field.
This major event is scheduled to be held on the 8th of April and has received a tremendous number of registrations since the past few days. On the 27th of March, Builder’s Tribe stated on its official twitter account that it has received more than a hundred registrations from Indian crypto entrepreneurs for the official pitch day in Bangalore, providing an additional hyperlink for those interested in additional details.
“World Class Software Talent”
CEO of Coinbase, Brain Armstrong gave his views about the crypto development project in India, saying India is a country with a “robust identity” which has developed and applied new and unique payment systems at a very fast pace. Brain also said that with the combined power of all Indian “world class” software developers, the company thinks that cryptocurrencies and web3 systems will assist the Indian financial economy to achieve its goals.
Brain Also mentioned about a cryptocurrency community program that will also be held in Bangalore, in order to talk about the potential of crypto and web3 in India, for the coming times. This talk session will be held prior to the pitching event.
Huge Tax Struggle
Despite this positive initiative from Coinbase, it seems that the crypto market in India is still suffering tremendous levels of loss, because of the massive 30% tax implemented on cryptocurrency transactions, which has brought crypto traders in India to their knees. Crypto traders in India are having a rough time, with the government pushing zero initiatives towards utilizing crypto.