Coinbase Eyes Tech Talent in India as it Looks to Expand Workforce
US-based crypto exchange giant Coinbase is looking to expand its workforce in India despite facing regulatory setbacks for its products.
The company is actively recruiting for product and technology positions, both in remote capacities and at its Bengaluru and Hyderabad locations.
Among the roles being filled are software engineers, engineering managers specializing in platform-payments, data scientists, and vendor management analysts.
Although the exact number of new hires is undisclosed, approximately 30 open positions have been listed on Coinbase’s LinkedIn page in the past three weeks.
Indian Tech Talent Attracts Crypto Exchanges
Insiders revealed that Coinbase has recently accelerated its hiring efforts for product and tech roles, marking a notable shift in strategy.
This trend is observed not only at Coinbase but also at other cryptocurrency companies like Gemini, indicating a broader trend of establishing tech talent hubs in India.
As reported earlier, the crypto firm led by the Winklevoss twins is committing to spend $24 million in the next few years to establish its tech base in India
Coinbase Back on Hiring Spree After Multiple Rounds of Layoffs
The latest hiring spree from Coinbase comes after multiple rounds of layoffs since 2022.
In January 2023, the company announced the dismissal of around 950 employees. In June 2022, facing challenging market conditions in the crypto business, Coinbase laid off approximately 18 percent of its global staff, with about 8 percent of the India-based workforce affected.
Since then, the company had slowed down its hiring activities and withdrew job offers.
Despite the challenges, Coinbase is persistently investing in talent acquisition, particularly in the Indian market.
The company’s journey in India has encountered difficulties, such as high taxes on crypto gains and challenges associated with enabling UPI-based payments for buying or selling cryptocurrencies on the platform. UPI refers to the Unified Payments Interface, facilitating instant transfers between bank accounts.
Coinbase initially launched its services in India in April 2022, expressing plans to expand its Indian tech hub, which then employed about 300 full-time workers, with the addition of over 1,000 people in 2022. Coinbase did not respond to any queries at the time of writing.