Coinbase has employed Arnab Kumar, former government at Prosus Ventures, within the newest push to relaunch its eponymous cryptocurrency alternate in India.
Kumar, who has beforehand additionally labored at influential suppose tank Niti Aayog and Deutsche Financial institution, is becoming a member of the alternate as director of India market growth, a spokesperson mentioned in an e mail. At Niti Aayog, Kumar was instrumental in conceptualising, overseeing and liaising with completely different ministries for Covid contact tracing app Aarogya Setu, an individual aware of the matter advised TechCrunch.
The event comes at a time when Coinbase mentioned it’s shrinking its global workforce by nearly a fifth because it prepares to navigate the crypto winter. An organization spokesperson mentioned the latest layoff affected solely 8% of its India workers.
Coinbase additionally just lately hired former Snap executive Durgesh Kaushik, to assist the corporate with its launch in India and several other different markets within the Asia Pacific area, Africa, Europe, the Center East and the Americas.
The worldwide crypto agency is scrambling to relaunch its alternate service in India. The publicly listed agency announced the launch of Coinbase in India to a lot fanfare in April. However the app turned non-functional after simply three days within the nation.
Coinbase had launched in India with help for UPI, a funds railroad constructed by a coalition of retail banks that has turn out to be the preferred method Indians transact on-line at the moment. However the identical day the Nationwide Funds Company of India, the funds physique that oversees UPI, threw a curveball on the agency by asserting that it was not aware of any crypto exchange using UPI. Three days later, Coinbase suspended the support for UPI from the app and at present its customers within the nation haven’t any means to high their fiat forex.
The NPCI, which is a particular unit of India’s central financial institution (the Reserve Financial institution of India), and the RBI proceed to informally put strain on banks into creating friction with crypto-related transactions regardless of India’s Supreme Courtroom lifting the RBI-imposed ban on cryptocurrency buying and selling three years in the past, in keeping with an government at a cryptocurrency alternate.
Indian newspaper the Financial Instances reported earlier that a number of banks have approached and questioned the NPCI on its “shadow banning” of cryptocurrency-related transactions and are in search of a proper directive. Reacting to the information piece, Brian Armstrong, co-founder and chief government, said: “Robust questions, and good questions, for NPCI and RBI in India. Is their “shadow ban” a violation of the supreme courtroom ruling?”
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