Coinbase has appointed former head of Snap India, Durgesh Kaushik, as the global cryptocurrency exchange looks to expand its reach in emerging markets including India, TechCrunch has learned and confirmed.
kochik He joins Coinbase as Senior Director of Market Expansion and is tasked with helping the company launch it in India and several other markets in Asia Pacific, Africa, Europe, the Middle East and the Americas.
The suspension was reached over the weekend, and the company confirmed the development and said that Kaushik will join the company on May 9.
“We are excited to confirm that Dorjesh Kaushik will join Coinbase on May 9 as Senior Director of our market expansion,” Nana Murugesan, Vice President of Business Development and International Partnerships at Coinbase, said in a statement provided to TechCrunch by one of the companies. official speaker.
Murugesan added:[Kaushik’s] Appointment to this global leadership role is an important step towards our entry into India, as well as our mission to increase economic freedom around the world. Besides his initial focus on our launch in India, Dorgeish will also draw on his extensive experience to support our entry into other markets in Asia Pacific, Europe, Middle East, Africa and the Americas as outlined in our recent blog post on our global expansion strategy. “
Kaushik – who previously worked for companies including Facebook and the local delivery service hyperlocal Dunzo and also co-founded a social video platform – is widely credited with helping Snap reposition itself in India. Under his leadership, the company expanded its monthly active user base in India to around 130 million, according to mobile statistics company Data.ai (formerly App Annie), down from around 30 million when Kaushik joined the company in April of 2019.
It’s tasked with helping the social media platform grow to 100 million users by the first quarter or second quarter of 2021, according to an executive who has dealt with Snap officials. Kaushik announced his departure from Snap last month.
Kaushik’s appointment comes at a time when Coinbase is jostling, and in many ways feeling powerless, making the cryptocurrency exchange that bears its name operate in India. The publicly listed company announced the launch of Coinbase in India with great fanfare last month.
Coinbase was launched last month in India with the support of UPI, a payment railroad set up by a consortium of retail banks that has become the most popular way Indians transact online today. But on the same day, India’s National Payments Corporation, the payments body that oversees UPI, threw a curve ball at the company by asserting that it was unaware of any crypto exchanges using UPI. Three days later, Coinbase suspended UPI support from the app and its users in the country currently have no way to bypass their fiat currency.
The NPCI, a special unit of the Central Bank of India (RBI), and the RBI continue to informally pressure banks to create friction with crypto-related transactions despite the Supreme Court of India’s lifting of the RBI’s ban on cryptocurrency trading since Three years, according to a cryptocurrency exchange executive.
Late last month, India’s Economic Times reported that several banks had approached the NPCI, questioning the “shadow ban” of crypto-related transactions and seeking official guidance. In response to the news, Brian Armstrong, Co-Founder and CEO, said, She said: “Tough and good questions for NPCI and RBI in India. Is their ‘shadow ban’ a violation of a Supreme Court ruling?
Murugesan said the company is also looking to appoint a new regional managing director for India and South Asia.