After facing discontinuation of services in its Indian operations and conducting multiple rounds of layoffs in 2022, continuing into 2023, global crypto exchange Coinbase Global Inc has now indicated signs of hiring Indians for its product and tech roles.
Moneycontrol reported that Coinbase is looking to fill various key product and technology positions mainly in the southern Indian cities of Bengaluru and Hyderabad. Regulatory pressures and the discontinuation of services (from October 2023) are recent challenges faced by the exchange.
The positions are available for remote work, and Coinbase indicated around 30 open positions on LinkedIn in the past three weeks. The company website also highlights around 14 open positions in India locations.
“Coinbase suddenly started hiring in the past month or so for product and tech roles. Crypto companies like Coinbase and Gemini are working on setting up tech talent hubs in India,” an anonymous told Moneycontrol.
The step comes after Coinbase conducted significant layoffs in 2022, followed by almost 950 employees being laid off in January 2023.
The global crypto exchange encountered difficulties due to India imposing substantial taxes on cryptocurrency profits within the country, along with obstacles in facilitating UPI-based transactions for purchasing or selling cryptocurrencies on the platform.
Amid the broader cryptocurrency rally, crypto companies like Coinbase and Gemini are looking to capitalize on India’s cost-effective engineering workforce.
In late September 2023, crypto exchange Gemini announced a $24 million investment to expand its Indian operations spread over the next two years.
With a workforce of more than 70 employees, Gemini’s India office is looking to hire software engineers, technical product managers, and professionals in people operations and talent acquisition, finance, support, and compliance roles.