Coinbase has employed Arnab Kumar, former government at Prosus Ventures, within the newest push to relaunch its eponymous cryptocurrency trade in India.
Kumar, who has beforehand additionally labored at influential suppose tank Niti Aayog and Deutsche Bank, is becoming a member of the trade as director of India market expansion, a spokesperson mentioned in an electronic 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 accustomed to the matter advised TechCrunch.
The improvement comes at a time when Coinbase mentioned it’s shrinking its world workforce by almost 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 not too long ago employed former Snap government Durgesh Kaushik, to assist the corporate with its launch in India and a number of different markets within the Asia Pacific area, Africa, Europe, the Middle East and the Americas.
The world crypto agency is scrambling to relaunch its trade service in India. The publicly listed agency introduced the launch of Coinbase in India to a lot fanfare in April. But the app grew to become non-functional after simply three days within the nation.
Coinbase had launched in India with assist for UPI, a funds railroad constructed by a coalition of retail banks that has turn out to be the most well-liked approach Indians transact on-line as we speak. But the identical day the National Payments Corporation of India, the funds physique that oversees UPI, threw a curveball on the agency by asserting that it was not conscious of any crypto trade utilizing UPI. Three days later, Coinbase suspended the assist 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 Indias central financial institution (the Reserve Bank of India), and the RBI continues to informally put stress on banks into creating friction with crypto-related transactions regardless of Indias Supreme Courtlifting the RBI-imposed ban on cryptocurrencytrading three years in the past, in response to an government at a cryptocurrency trade.
Indian newspaper the Economic Timesreported earlierthat a number of banks have approached and questioned the NPCI on its shadow banning of cryptocurrency-related transactions and are searching for a proper directive. Reacting to the information piece, Brian Armstrong, co-founder and chief government,said: Tough questions, and good questions, for NPCI and RBI in India. Is their shadow ban a violation of the supreme court docket ruling?