AI is Redrawing VC Rules as Investors Hedge Bets Against Rival Startups
As AI reshapes markets, VC firms like Sequoia Capital are backing rival startups, raising fresh questions.
- Published on October 25, 2022
- In Global Tech
How will Google Cloud and Coinbase Partnership Impact India
The deal bodes well for Coinbase and might be the beginning of a new chapter for the crypto industry
- By Poulomi Chatterjee
When the largest crypto exchange Coinbase opened its India office in April, it looked like it had big ambitions for India. Brian Armstrong, CEO of the cryptocurrency powerhouse called the country ‘a magical place’. A few days later, the company had to ironically suspend its rupee-to-crypto transactions using the UPI interface. The partnership was announced and wrapped up within a span of a few days after UPI stated that Coinbase did not have the authorisation to use the payments network.
This was only an indicator of the times to come. Up until then, Coinbase had been expanding aggressively in India. Its India office then had 300 employees and was looking to hire 1,000 more this year. The company ended up hiring at an even faster pace. But by mid-June, things looked bad.
https://twitter.com/brian_armstrong/status/1518710992246493184?s=20&t=42-486Lnf0ukWi-0pLBJAg
Rough seas for Coinbase
Armstrong announced it would lay off 18% or around 1,100 of its employe
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Poulomi Chatterjee
Poulomi is a Technology Journalist with Analytics India Magazine. Her fascination with tech and eagerness to dive into new areas led her to the dynamic world of AI and data analytics.
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