Coinbase has hired Durgesh Kaushik, the former head of Snap India, as the global cryptocurrency exchange appears to be expanding in emerging markets including India, TechCrunch has learned and verified.
Kaushik joins Coinbase as Senior Director of Market Expansion and has been assigned to assist the startup company in India and several other markets in the Asia Pacific region, Africa, Europe, the Middle East and America.
Receiving comments over the weekend, the company confirmed the progress and said Kaushik will join the company on May 9.
“We are delighted to confirm that Durgesh Kaushik will join Coinbase on May 9 as Senior Director of Market Expansion,” said Nana Murugesan, VP of Global, Business Development and Coinbase, in a statement to TechCrunch.
Murugsan added: “[Kaushik’s] The appointment of this global leadership role is an important step towards India’s entry, as well as our goal of increasing global economic freedom. In addition to the initial focus on Indian startups, Durgesh will draw on his extensive experience to also support access to other markets in APAC, EMEA, and America as defined by us. recent blog post Our global expansion strategy. “
Kaushik – who has previously worked for companies including Facebook and the hyperlocal delivery service Dunzo and also founded a social media platform – has been widely credited with helping Snap turn its attention to India. Under his leadership, the company grew its active user base in India by about 130 million per month, according to mobile data company Data.ai (formerly known as App Annie), to 30 million when Kaushik joined the company in April 2019.
He was tasked with helping the social media site reach 100 million users in Q1 or Q2 2021, according to a manager who worked with Snap officials. Kaushik announced he was leaving Snap last month.
Kaushik’s appointment comes at a time when Coinbase is mourning, and in many ways feeling like a loser, making its cryptocurrency exchange service operating in India. The popular company announced the launch of Coinbase in India on a large scale last month.
Coinbase was launched in India with the support of UPI, a payment gateway built by a consortium of retail banks which has become the most popular Indian online method today. But on the same day the National Payment Company of India, the payment institution that oversees UPI, threw the company out stating that it was not aware of any crypto exchanges using UPI. Three days later, Coinbase suspended UPI support for the app and now its users in the country have no sense in raising their fiat currencies.
NPCI, a special unit of the Central Bank of India (Reserve Bank of India), and the RBI continue to formally pressurize banks to create controversy over crypto-currency transactions despite the Supreme Court in India lifted RBI ban on cryptocurrency. trading three years ago, according to executives of the cryptocurrency exchange.
The Economic Times of India was reported late last month that several banks have approached and questioned the NPCI’s “shadow ban” on related cryptocurrency transactions and are seeking an official recommendation. Responding to the news, Brian Armstrong, founder and chief executive, he said: “Tough questions, and good questions, for the NPCI and the RBI in India.”
Murugesan said the company is also looking to hire a new regional director for India and South Asia.