The humbling of Coinbase

Brian Armstrong, CEO of the largest cryptocurrency exchange in the United States, traveled across the world to make an announcement in early April: Coinbase was bringing crypto to India.

In an auditorium in Bangalore, Armstrong, wearing a type of loose buttoned shirt popular in India, said Coinbase planned to set up a hub of 1,000 employees there by the end of this year. The company was investing in Indian startups and allowing local customers to buy and sell digital currencies on its exchange. For Coinbase, it was a chance to transform finance in a country of more than 1 billion people and lure new customers from across Asia.