Indian Cryptopreneurs To Get $1M As Coinbase Partners With Builders Tribe And Belief DAO

Indian Cryptopreneurs

Welcome back to the Tribe! In this post we dive into the Indian Cryptopreneurs trying to take advantage of Coinbase’s expanded efforts in the region!

Nothing should be considered investment or financial advice. Enjoy the ride!

Indian Cryptopreneurs

Coinbase Ventures is set to conduct an in-person pitching event for Indian cryptopreneurs to help boost the country’s growing crypto and Web3 industry.

Coinbase Ventures

Coinbase Ventures, the investing arm of the American Crypto exchange has set its sight on the blossoming Indian crypto market. The investor is looking to invest $1M into the Indian crypto and Web3 market by hosting an in-person pitch for cryptopreneurs. The event which is set to hold in Bangalore this Month is hosted in partnership with Builders tribe and Belief DAO.

Coinbase announced in a tweet on its official Twitter handle:

“Calling India’s cryptopreneurs!

Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.

$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto”.

The event will not just feature pitches from entrepreneurs but will also include mentoring sessions with the best minds in crypto for winners. So it is geared toward the growth of the industry in India.

Cryptopreneurs Flock

The date scheduled for the event is April 8 and as of March 27, Builders Tribe announced on its Twitter handle that it had received over 100 applications from cryptopreneurs. The tweet also gave some analysis of the applications received.

Speaking on Conbase’s entry into the Indian Crypto market, Coinbase CEO Brian Armstrong who is already in India wrote a blog post today on the event.

He commented on the country’s potential in both crypto and Web3. He said:

“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India’s world class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals.”

He added that the series of events will start with a crypto community event in Bangalore to discuss the future of crypto and web3 in India. Then the startup pitch event is on April 8th.

Investing In India

This is not the first time the exchange is investing in India. According to Armstrong, “Coinbase Ventures has already invested $150 million in home-grown Indian technology companies in the crypto and web3 space, and is constantly identifying new opportunities to help Indian founders scale.

Apart from the direct investment, Coinbase also launched its Indian tech hub last year and already has over 300 full-time employees with a vision of increasing that number by an additional 1000 this year. The aim of this is to “tap into the dynamic Indian software talent to build out our products” he also added.

Coinbase’s entry into the Indian crypto market comes at the heels of the implementation of the country’s rather harsh crypto tax law. Which requires citizens to pay 30% of unrealized crypto gains as law. In addition, the investor is not allowed to offset any crypto losses to compensate for the taxation. And also a pending 1% Tax Deducted at Source (1% TDS) which is set to be enforced in July. Although, the Indian Finance Minister Nirmala Sitharaman, recently shared her intent to rethink the law.

Related News – India’s Crypto Tax

India’s 30% tax on profits from cryptocurrencies came into effect yesterday being the 31st of March. In addition to this, the industry also faces the prospect of another 1% Tax Deducted at Source (TDS) expected to take effect by July 1.

Read more here…

Indian Cryptopreneurs News

Thanks for reading our post on Indian Cryptopreneurs!

Make sure to follow our Twitter to stay up-to-date on all things crypto!


21Shares And ByteTree

The first-ever Bitcoin x Gold exchange-traded product was launched by a collaboration between ETP issuer 21 Shares and ByteTree, an asset management heavyweight. Dubbed BOLD, the fund will debut on the Swiss exchange SIX. BOLD is split with an 18.5% BTC and an 81.5% Gold sharing formula. An algorithm that leverages 360-day historical volatility data will rebalance the fund on a monthly basis.

Central African Republic Approved Bitcoin

Bitcoin becomes an acceptable means of payment for the first time in the continent of Africa. Legislators from the Central African Republic recently approved the bill to legalize crypto in the country. The country joins El Salvador in a shortlist of countries with Bitcoin as legal tender.
It’s possible that the CAR could draw scrutiny from international financial bodies and sovereign governments from adopting Bitcoin on a national level. Organizations like the European Union and IMF have been critical regarding widespread crypto adoption in recent times.