Highlights
- Coinbase plans to re-establish operations in India by the end of 2025 after gaining approval from the Financial Intelligence Unit (FIU).
- Coinbase will compete with established players like Binance, KuCoin, and CoinDCX.
- Following a significant 17.58% drop in Coinbase’s stock price, Cathie Wood’s Ark Invest purchased 64,358 COIN shares.
Crypto exchange Coinbase is planning to re-enter India’s crypto space two years after it discontinued operations in early 2023. The crypto exchange has recently registered with the Indian regulator – Financial Intelligence Unit (FIU) – thereby gaining approval to offer crypto trading services in the country.
Coinbase eyes Big Opportunity in India’s Crypto Landscape
By the end of this year, 2025, global crypto exchange Coinbase will be introducing retail services and will introduce products with time. The decision to re-enter India’s crypto space comes as demand for digital assets has been rising significantly along with improved regulatory conditions.
As a result, Coinbase will compete with some of the existing players like Binance, KuCoin, and CoinDCX. Speaking on the development, John O’Loghlen, the firm’s regional managing director for Asia Pacific, told Reuters:
“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations”.
For cryptocurrency exchanges to operate in India, they must register with the FIU and comply with the country’s money-laundering rules. After the $235 million hack of crypto exchange WazirX last year, the entry of a big player like Coinbase will bring greater legitimacy to the space.
Ark Invest Buys 64,358 COIN Shares
While the COIN stock tanked a massive 17.58% on Monday, Cathie Wood’s Ark Invest chipped in to fill its bag with a massive 64,358 shares. As per the details, the ARK Innovation ETF (ARKK) purchased a total of 52,753 COIN shares while the Ark Fintech Innovation ETF (ARKF) purchased a total of 11,605 COIN shares.
Following yesterday’s drop under $180, the COIN stock is up 4.43% in today’s pre-market trading hours after this heavy accumulation by Ark Invest. With more than a 30% drop year-to-date, big players are willing to buy the dips, making most of this opportunity.
In the last three months, the COIN stock has crashed by a massive 50% amid the broader market correction. However, the crypto exchange continues to take bold measures to expand its market footprint.
Coinbase CEO Brian Armstrong has unveiled plans to add 1,000 new employees in the United States in 2025, citing favorable regulatory developments under President Donald Trump’s administration. The announcement came after the White House Crypto Summit last Friday.
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