Coinbase has hired Arnab Kumar, a former executive at Prosus Ventures, to relaunch its eponymous cryptocurrency exchange in India.
Kumar, who has also previously worked for influential think tank Niti Aayog and Deutsche Bank, is joining the exchange as director of Indian market expansion, a spokesman said in an email. At Niti Aayog, Kumar was instrumental in the design, oversight and collaboration with various ministries for the Covid contact-tracing app Aarogya Setu, a person familiar with the matter told TechCrunch.
The development comes at a time when Coinbase was saying so Shrinks its global workforce by almost a fifth as it prepares to navigate the crypto winter. A company spokesman said the recent layoffs affected just 8% of employees in India.
Coinbase also recently hired former Snap manager Durgesh Kaushikto support the company in its launch in India and several other markets in Asia Pacific, Africa, Europe, Middle East and America.
The global crypto company is scrambling to restart its exchange service in India. The listed company announced the launch of Coinbase in India too much fanfare in April. But the app stopped working after just three days in the country.
Coinbase started in India with support from UPI, a payment rail built by a coalition of retail banks that has become the most popular way Indians transact online today. But on the same day, the National Payments Corporation of India, the payments body that oversees UPI, threw the firm a curveball by claiming it was the case I don’t know of any crypto exchanges using UPI. Three days later, Coinbase Suspended support for UPI from the app and currently the users in the country have no way to top their fiat currency.
The NPCI, a special unit of the Reserve Bank of India, and the RBI continue to informally pressure banks to create tension with crypto-related transactions, despite the Indian Supreme Court RBI-imposed ban on cryptocurrencies lifted traded three years ago, according to an executive at a cryptocurrency exchange.
Indian newspaper Economic Times reported earlier that several banks have reached out to the NPCI, questioning them about their “shadow ban” on cryptocurrency-related transactions and seeking a formal policy. In response to the news, Brian Armstrong, co-founder and CEO, said, said: “Hard and good questions for NPCI and RBI in India. Is their “shadow ban” a violation of the Supreme Court ruling?”
Coinbase taps former Niti Aayog and Prosus exec for India expansion – TechCrunch Source link Coinbase taps former Niti Aayog and Prosus exec for India expansion – TechCrunch