Coinbase Engages Former Snap India CEO to Promote Emerging Markets

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Coinbase has hired Durgesh Kaushik, the former head of Snap India, as the global cryptocurrency exchange seeks to expand its presence in emerging markets, including India, TechCrunch has learned and confirmed.

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kaushik joins Coinbase as Senior Director of Market Growth and is tasked with helping the company launch in India and several other markets in Asia Pacific, Africa, Europe, the Middle East and the Americas.

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After receiving comments over the weekend, the company confirmed the development and revealed that Kaushik would join the firm on May 9.

“We are pleased to confirm that Durgesh Kaushik will be joining Coinbase on May 9 as our Senior Director of Market Growth,” said Nana Murugesan, vice president of international development, business development and partnerships at Coinbase, in a statement provided to TechCrunch by the company. representative.

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Murugesan added:[Kaushik’s] Appointment to this global leadership role is an important step towards our entry into the Indian market, as well as our mission to increase economic freedom worldwide. In addition to his initial focus on our launch in India, Durgesh will draw on his extensive experience to also support our expansion into other markets in APAC, EMEA and the Americas, as outlined in our recent blog post about our strategy of global expansion”.

Kaushik, who previously worked at firms such as Facebook and hyperlocal delivery service Dunzo and co-founded the social video platform, is widely credited for helping Snap reposition itself in India. Under his leadership, the company has grown its monthly active user base in India to around 130 million, according to (formerly known as App Annie), up from around 30 million when Kaushik joined the firm in April 2019.

It has been tasked with helping the social media platform grow to 100 million users by the first or second quarter of 2021, according to an executive who has worked with Snap officials. Kaushik announced his departure from Snap last month.

Kaushik’s appointment comes at a time when Coinbase is struggling and in many ways feeling a bit helpless to launch its eponymous cryptocurrency exchange service in India. public firm announced the launch of Coinbase in India with great fanfare last month.

Coinbase launched in India with the backing of UPI, a payment railway created by a coalition of retail banks, which has become the most popular online transaction method for Indians today. But on the same day, the National Payments Corporation of India, the payment authority that controls UPI, lashed out at the firm, claiming it was don’t know about any crypto exchange using UPI. Three days later Coinbase suspended UPI support from the app, and currently its users in the country are not able to top up their fiat currency.

The NPCI, which is a special arm of India’s central bank (Reserve Bank of India), and the RBI continue to unofficially pressure banks to create friction with cryptocurrency-related transactions despite the Supreme Court of India. lifting the RBI-imposed ban on cryptocurrencies traded three years ago, according to the head of the cryptocurrency exchange.

Indian newspaper Economic Times reported at the end of last month that several banks have reached out to the NPCI and asked questions about the “shadow ban” of cryptocurrency-related transactions and are seeking an official directive. Reacting to this news, Brian Armstrong, co-founder and CEO, said: “Difficult and good questions for NPCI and RBI in India. Is their “shadowban” a violation of the Supreme Court’s ruling?”

Murugesan said the company is also looking for a new regional managing director for India and South Asia.

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