Coinbase Ventures, a division of the popular cryptocurrency exchange Coinbase, intends to invest about $1 million in the development of the digital asset industry in India, the company CEO Brian Armstrong has announced via Twitter.
According to him, these funds will be used not only to popularize the “new money” industry, but also to develop the capabilities and potential of Internet technologies (Web3). In particular, the exchange CEO has noted that the venture division of Coinbase wants to “use the talents of India to improve various software using cryptography and Web3.”
Armstrong has said that plans to “invest in the crypto space” of India have long haunted Coinbase, but they were hampered by the lack of a full regulatory framework that would regulate the digital asset industry. Now, after the adoption of tax legislation by the Indian government, the situation has changed dramatically.