Coinbase, the largest US cryptocurrency exchange, is improving customer support while expanding into India by acquiring a new startup.
Coinbase on Tuesday officially announced the acquisition of Agara, an AI-powered support platform with operations in India and the United States.
The acquisition aims to expand and automate Coinbase’s customer service capabilities by providing new machine learning and natural language processing tools to the Coinbase engineering team. The deal also underscores the company’s strategy to expand its technology hub in India.
Technology-focused magazine TechCrunch reported Monday, citing anonymous sources familiar with the matter, that the acquisition of Agara would cost Coinbase between $40 million and $50 million. The two companies reportedly expect to close the deal later this year.
Founded in 2017, Agara works on machine learning and natural language processing to improve the user experience. Agara employs about 40 people and has reportedly succeeded in garnering some big clients including cloud-based software company Salesforce and major e-commerce company Shopify.
According to Pankaj Gupta, Coinbase COO in India, the Agara tech team will do just that. join Coinbase as part of the acquisition. Gupta, one of the founders of Agara himself, expects the purchase to be profitable for both Agara and Coinbase. “It’s amazing to see my worlds collide here with Agara, a startup I co-founded in early 2017, but later left to join Google,” he noted.
The co-founder and CEO of Agara Abhimanyu noted that the company has been able to integrate its technology suite into phone call-based communications with customers as well. “Some of the more complex things we do are with phone calls. We’ve been automating a lot, if not all of the support that happens through phone calls.
Coinbase did not immediately respond to Cointelegraph’s request for comment.
Related: The Indian government is said to be considering regulating cryptocurrency as a commodity
Coinbase’s latest effort to improve its customers’ experience comes as the company struggles to provide adequate customer service. In mid-October, Coinbase users reportedly criticized Coinbase’s new phone support line, with users claiming it was a “joke”. The exchange was previously criticized for poor customer service in August as users complained about hacked accounts and lost assets.