Coinbase is a popular American crypto business that is currently looking to begin a new chapter in India. On Thursday, 6 August 2025, Paul Grewal, the Chief Legal Officer of Coinbase, met with Karnataka’s IT Minister, Priyank Kharge, in Bengaluru to discuss future collaboration. Their meeting was to identify how to collaborate to assist and develop the blockchain technology in the state.
This meeting shows a major change in how Coinbase wants to work in India. Earlier, it tried to offer crypto services to Indian users. But due to strict rules, those services were stopped in 2023. Now, Coinbase is no longer trying to sell crypto here. Instead, it wants to build useful digital tools and support tech developers in India.
Background and History of Coinbase
Coinbase started in 2012 in San Francisco, founded by Brian Armstrong and Fred Ehrsam. It was for people to buy Bitcoin using bank transfers, and later expanded its digital currency portfolio.
The company grew fast and became one of the top crypto platforms in the world. In 2021, the company entered the stock market, reaching a valuation of approximately 47 billion dollars.
In 2022, Coinbase entered India and enabled users to buy crypto through UPI. But soon after, the Reserve Bank of India and the government stopped UPI for crypto. This made it hard for Coinbase to operate.
In September 2023, Coinbase suspended its services in India. And requested users to withdraw their money on/before September 25. Then, it accounted for less than 50,000 users within the country. The problem was due to the high taxes and other regulations. At the beginning of 2025, it enrolled in the Financial Intelligence Unit of India with the intention to come back in a legal way.
Coinbase is now hoping to promote in India by increasing its blockchain ecosystem together with the government and developers.
Summary of the Meeting
In Bengaluru, Grewal and Kharge spoke about many ideas related to helping Indian software developers make apps using blockchain. They also talked about keeping online systems safe through better cybersecurity.
The plan includes hosting training programs, hackathons (coding events), and startup support for local talent. These efforts will help young developers in Karnataka learn more about blockchain and grow their skills. Karnataka, which is already known for its tech progress, is now looking forward to a blockchain boom like never seen before in India.
How Will This Help The Developers?
This change shows that Coinbase is thinking long-term about India. Instead of simply engaging in crypto trading, the company now aims to play a part in the development of innovative technology, which would be helpful in the digital future of the country.
Partnering with the government, Coinbase wants to encourage Indian developers, enhance online security, and develop practical applications of blockchain.
Paul Grewal is also part of the United States-India Business Council. This helps Coinbase stay in touch with Indian leaders and better understand the rules.
This new path could help India grow its digital systems more safely and smartly, starting with Karnataka as the first step.
What’s Next for Karnataka
Assuming this collaboration, Karnataka is ready to become a leader in blockchain innovation in India. Other states may also find it a source of encouragement.
Coinbase’s evolution from selling crypto to developing skills, boosting digital protection, and applications of blockchain technology for everyday life seems like the start of a new chapter.
Related: Google DeepMind Launched Genie 3: Creates Video Game Worlds In Real Time
