Coinbase to double its India workforce to 1,000

"We have huge expectations for India and hope to hire more than 1,000 people at our India center this year alone," Armstrong, who is currently based in India, wrote in a blog post.

The company said on Feb. 15 that it has global "plans to add 2,000 product, engineering and design staff by 2022.

Armstrong also said that Coinbase will "organize a crypto community event in Bangalore on Thursday to explore the future of crypto and web3 in India.

In a previous blog post titled "Lighting the Map: How Coinbase Plans to Scale Globally," the company said it intends to "double down on its regional investments, adding to its portfolio Indian platforms like CoinSwitch Kuber and CoinDCX platforms such as ......" to "accelerate the global growth of the crypto economy.

Coinbase is the second largest exchange in the world by trading volume. Armstrong and Fred Ehrsam launched it in June 2012.