Coinbase has announced an expansion of its operations in India, introducing direct deposit and withdrawal services in Indian Rupees. Users can now transfer funds between their bank accounts and the trading platform via the Immediate Payment Service (IMPS), eliminating the need for peer-to-peer transfers or third-party channels.
This move represents Coinbase’s strongest effort to advance in the local market since its entry into India was hindered in 2022, when the platform encountered regulatory resistance shortly after introducing UPI payments.
Rupiah can be deposited and withdrawn directly.
Over the past few years, Indian users accessing overseas crypto platforms often had to use P2P or intermediary payment methods to deposit funds. These methods commonly involved delayed settlements, payment disputes, and fraud risks, and in some cases, led to bank account freezes.
After integrating with IMPS, Coinbase users can now directly deposit rupees into their accounts and withdraw funds back to their bank accounts. The platform states that this will shorten the transfer process and reduce operational risks associated with intermediary steps.
Simultaneously open spot and perpetual contracts
Alongside the launch of the fiat on-ramp, Coinbase has also made a more comprehensive suite of trading products available to users in India, including spot trading and perpetual futures for major crypto assets.
The platform has also launched a dedicated INR order book to connect local liquidity with its global trading market. Coinbase says this helps improve execution prices and reduce slippage.
- Connect to TradingView charts
- More order types available
- Supports real-time market data and professional APIs
Coinbase stated that rupee deposits will be free of fees, and trading rates will remain at levels similar to those of local exchanges.
FIU-IND registration completed
Coinbase stated that the company has completed registration with India’s Financial Intelligence Unit, FIU-IND, and will comply with local regulatory and tax requirements related to crypto assets.
In terms of security, Coinbase continues to emphasize its custody system, noting that the majority of customer assets are still stored in cold wallets. The company also mentioned that it currently provides custody services for large asset management firms such as BlackRock.
John O’Loghlen, Head of Coinbase Asia-Pacific, said that India has an active developer community, steadily increasing blockchain adoption, and growing interest in digital assets. The company views India as one of the most important crypto markets globally.
Continue increasing investment in the Indian market
In addition to its trading business, Coinbase previously invested in the Indian platform CoinDCX and has contributed over $1 million to the local blockchain ecosystem through initiatives such as grants, scholarships, and hackathons related to the Base ecosystem.
Overall, Coinbase’s launch of the INR bank channel and local order book in India is not just a product update, but also signals its renewed commitment to this rapidly growing cryptocurrency market.