Coinbase Doubles Down: Karnataka Minister Talks Blockchain Boom in India

Coinbase just made its next power play—this time in India’s tech heartland. The exchange’s execs sat down with Karnataka’s minister to fast-track blockchain adoption. No vague promises, just bullish intent.

Why it matters: India’s crypto crackdown hasn’t stopped giants from betting on its Web3 talent. Karnataka—home to Bangalore’s ‘Silicon Valley’—could become the testing ground for Coinbase’s next growth surge.

The cynical take: Another ‘strategic partnership’ that may or may not survive the next regulatory tremor. But hey, at least it’s not another metaverse pivot.

Coinbase Explores Market Re-Entry Strategy

This meeting comes as Coinbase looks to return to India. It had shut down its services in India late 2023, asking users to pull out their funds after hitting regulatory roadblocks. A year earlier, in 2022, its India launch flopped, and UPI payments were pulled just three days in.

In recent months, Coinbase has resumed talks with Indian regulators. The company is considering a more formal re-entry into the market. Grewal’s addition to the U.S.-India Business Council’s global council in February is also part of that effort to re-engage.

The meeting also comes shortly after the introduction of the COINS Act, a draft policy aimed at guiding crypto regulation in India. It has no legal standing yet, but could shape future discussions if taken up in Parliament.

Also Read: India’s Land Record Reform Won’t Use Blockchain: Government