Coinbase to acquire India’s Agara

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced the purchase of its first business in India.

The largest bitcoin exchange in the United States is Coinbase. The San Francisco-based startup, which was founded in 2012, has withstood repeated Bitcoin bubbles to become the go-to location for Americans looking to purchase so-called digital gold and other blockchain assets. On the other hand, Agara has developed extensive competence in machine learning and natural language processing, which it employs to enhance the user experience.

Coinbase has announced the purchase of AgaraLabs, an AI-powered support platform with operations in India and the United States, to improve their customer care with sophisticated machine learning technologies, making it simpler for consumers to join the service and seek any help. The financial terms of the purchase were not disclosed in public, although it is estimated to be worth between $40 million and $50 million.

Coinbase’s commitment to providing world-class customer service is reinforced by this acquisition, which also adds strong experience in machine learning (ML) and natural language processing (NLP) to Coinbase’s engineering team and reaffirms Coinbase’s aim to build their tech centre in India. The existing product, engineering, and data teams will also be supplemented by this.

They intend to automate and improve their customer experience (CX) tools using Agara’s strong Deep Learning and Conversational AI technologies. Coinbase has grown support employee headcount by almost five times in the last six months and stated that by the end of the year, they will be able to provide 24/7 phone assistance and live messaging. They will also be able to give more tailored, intelligent, and real-time assistance alternatives to their clients as a result of this deal.

Coinbase announced its plan to establish a tech hub in India earlier this year and is excited to welcome the Agara team to their quickly expanding footprint across the nation. Agara and Coinbase will work together to further Coinbase’s aim of fostering global economic freedom. This deal is scheduled to conclude later this year, subject to usual closing conditions.