Coinbase makes a major play for India’s booming $3 billion crypto market with local currency launch
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Nasdaq-listed Coinbase exchange announced Monday a major market move: the launch of direct rails for Indian rupees (INR).
Key facts
- Coinbase first opened its platform to Indians in 2022 but ran into a roadblock within days when the UPI operator, National Payments Corporation of India (NPCI), dismissed Coinbase's then launch
- The country has been ranked among the top countries driving crypto adoption in the APAC market in 2025, and ranked first in the Global Crypto Adoption Index, according to Chainalysis data
- Coinbase is bypassing that by integrating directly with the Immediate Payment Service (IMPS)
- Coinbase is tackling regulatory challenges head-on this time by registering with the Financial Intelligence Unit (FIU-IND), the central national agency responsible for analyzing and disseminating
Summary
Coinbase is launching direct INR deposit and withdrawal rails via IMPS starting June 1, removing reliance on P2P and intermediaries. The move reduces friction and scam risk for Indian users while enabling seamless bank-to-crypto transfers on a regulated platform. Coinbase is pairing the rollout with spot and perpetual futures trading, plus local INR liquidity, while signaling a long-term commitment through FIU registration. Starting June 1, 2026, the exchange's Indian customers can deposit and withdraw rupees directly from their bank accounts via the Immediate Payment Service (IMPS), a move designed to eliminate the need for intermediaries and simplify the often-clunky process of entering the crypto market in the region.