Coinbase, the largest cryptocurrency exchange in the US, is improving customer support as it expands to India by acquiring a new startup.
On Tuesday, Coinbase officially announced the acquisition of Agara, an artificial intelligence-powered support platform operating in India and the United States.
The acquisition aims to expand and automate Coinbase’s customer service features by offering new machine learning and natural language processing tools to the Coinbase engineering team. The agreement also confirms the company’s strategy to expand its technology center in India.
Technology magazine TechCrunch said Monday, citing anonymous sources familiar with the matter, that the Agara acquisition would cost Coinbase between $ 40 million and $ 50 million. The two companies are reported to be planning to terminate the agreement later this year.
Agara was founded in 2017 and works with machine learning and natural language processing to improve user experience. Agara employs about 40 people and has reportedly managed to attract several large clients, including cloud-based software company Salesforce and large e-commerce company Shopify.
Agara’s tech team will join Coinbase in the acquisition, according to Pankaj Gupta, Coinbase’s chief operating officer for India. Gupta, one of the founders of Agara itself, expects the acquisition to be beneficial to both Agara and Coinbase. “It’s amazing to see my worlds collide here with Agara, a startup that I founded in early 2017 but later joined Google,” he said.
Co-founder and CEO Agara Abhimanyu noted that the company has also been able to integrate its technology suite into its customer telephony service. “Some of the hardest things we do involve phone calls. We have automated most, if not all, of the support that comes with phone calls.
Coinbase did not immediately respond to Cointelegraph’s request for comment.
On the subject: Indian authorities are reportedly considering regulating cryptocurrency as a commodity
Coinbase’s recent efforts to improve the customer experience come at a time when the company is struggling to provide adequate customer service. In mid-October, Coinbase users allegedly criticized Coinbase’s new helpline, with users claiming it was a “joke.” The exchange was previously criticized for poor customer service in August when users complained of hacked accounts and lost assets.