Coinbase Returns to India, Introduces Proof of Reserves

Coinbase Re-enters Indian Market

• Coinbase has registered with India's FIU, allowing it to resume crypto trading in the country.
• The company exited India in 2022 due to regulatory pressure.
• The return is driven by the growing crypto market and interest from young investors.
• Faces competition from exchanges like Binance and CoinDCX.

Introduction of Proof of Reserves for cbBTC

• Coinbase introduced Proof of Reserves for cbBTC to enhance user trust.
• Reserves are 26,525.15 BTC, fully backing 26,461.05 cbBTC.

Hugging Crypto Outlook

• Coinbase's return to India may strengthen its position in the Asian market.
• The introduction of Proof of Reserves will positively impact trust in cbBTC.
• However, tightening regulations could pose new challenges.