Indian Cryptopreneurs To Get $1M As Coinbase Partners With Builders Tribe And Belief DAO
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.
— Coinbase (@coinbase) March 21, 2022
“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.
100+ applications have rolled in for the @BuidlersTribe x @coinbase Ventures pitch day in Bangalore!
We have some MIND BLOWING insights on this amazing set of applications!
Read on 👇
— Buidlers Tribe (@BuidlersTribe) March 27, 2022
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.
Indian Cryptopreneurs News
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