Coinbase Expands Tech Talent Base in India Despite Halting Exchange Services

Coinbase's Ongoing Tech Recruitment in India

Global crypto exchange Coinbase is expanding its employee base in India even after discontinuing its services in the country from October end. The company is filling product and technology roles across remote working and Bengaluru and Hyderabad locations, people in the know told Moneycontrol.

Coinbase's Tech Talent Expansion

The company is hiring software engineers, engineering managers for platform-payments, data scientists, and vendor management analyst roles, signaling an expansion despite recent service halts. Around 30 open positions were posted on its LinkedIn page over the past three weeks, confirming its commitment to enhancing its Indian tech talent pool.

Changing Dynamics at Coinbase

This move arrives in the wake of multiple rounds of layoffs since 2022, including significant dismissals in January 2023 and June 2022, amounting to about 18 percent of its workforce. Despite the setbacks, Coinbase is actively pursuing talent acquisition, focusing on product and technology roles.

Coinbase's Troubled Journey in India

Coinbase faced hurdles in India, including regulatory pressures and challenges in enabling UPI-based payments on its platform. Despite plans to expand its Indian tech hub in 2022, issues surrounding UPI payments and regulatory pressure led to discontinuing its services for Indian customers.

Hiring Trends in the Crypto Sector

Coinbase's hiring spree mirrors a larger trend, with global peer Gemini also setting up a significant tech hub in Gurugram. India's skilled engineering talent at a lower cost is attracting such global crypto companies to invest in expanding their development centers.

Impact of Multinational Companies in India

The establishment of global capability centers (GCCs) in India by multinational companies like Coinbase and Gemini signifies the country's strategic importance due to its skilled English-speaking engineering talent and cost-effectiveness.

India's Growing Role in GCCs

Nasscom data reveals a significant increase in GCCs established in India in recent years. EY's report predicts a substantial rise in employment within these GCCs, estimating 4.5 million people by 2030, emphasizing India's pivotal role in global tech expansions.
Key Points:

• Coinbase is actively recruiting software engineers, engineering managers, data scientists, and vendor management analysts in India.

• The company is filling positions for both remote and in-office locations in Bengaluru and Hyderabad.

• Coinbase's expansion in India aligns with the broader trend of multinational corporations establishing global capability centers (GCCs) in the country.

• Despite facing challenges, including high taxes on crypto gains and regulatory hurdles, Coinbase remains optimistic about its long-term prospects in India.

• The company's continued hiring in the country indicates its belief in India's potential to become a major player in the global crypto ecosystem.

Additional Facts:

• Coinbase's hiring spree in India comes after the company announced multiple rounds of layoffs since 2022.

• Coinbase's decision to discontinue its cryptocurrency exchange services in India was due to regulatory uncertainty.

• India's growing GCC landscape is attracting multinational companies due to the country's skilled English-speaking engineering talent and cost-effectiveness.

• Coinbase's expansion in India is part of the company's broader strategy to build a global tech talent hub.

Overall, Coinbase's decision to continue hiring in India despite halting exchange services signals its unwavering commitment to the country's tech ecosystem. The company's expansion in India is a testament to the country's growing potential as a hub for innovation and talent.