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Coinbase launches direct INR deposits and withdrawals in India

Created at 2 Jun · 4:18 AM2 sources↑ Market-relevant2 events
IN SHORT

Coinbase has relaunched in India, enabling direct INR deposits and withdrawals via the IMPS network. This move aims to simplify fiat on-ramps for users in what is considered the world's largest crypto market by user numbers. The feature is rolling out gradually over the next two weeks.

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Key Numbers

$1 millioninvestment in Indian builder community via Base network
$72,600Bitcoin price at time of writing
6%Bitcoin price drop over the past week

Who's Involved

Coinbase
Cryptocurrency exchange launching direct INR fiat rails in India
India's Financial Intelligence Unit (FIU)
Approved Coinbase's operation in India
CoinDCX
Indian cryptocurrency exchange, an investor in Coinbase

↳ Why This Matters

Coinbase's expansion into India with direct INR banking support is a significant step for the cryptocurrency exchange as it aims to capture a larger share of the Indian market. Previously, Coinbase faced challenges in India, leading to a discontinuation of services. This new integration, utilizing India's IMPS, aims to provide a smoother on-ramp experience for retail traders, which is crucial for market participation. The move also highlights Coinbase's broader investment in the Indian digital asset ecosystem.

Key facts

  • Coinbase has launched direct INR deposit and withdrawal rails in India.
  • Transactions will be facilitated using India's Immediate Payment Service (IMPS).
  • Users can now bypass peer-to-peer trading for fiat on-ramps.
  • Coinbase previously exited India but re-entered in 2025 with FIU approval.
  • The exchange is investing in India's digital asset ecosystem.

Coinbase's expansion into India with direct INR banking support is a significant step for the cryptocurrency exchange as it aims to capture a larger share of the Indian market. Previously, Coinbase faced challenges in India, leading to a discontinuation of services. This new integration, utilizing India's IMPS, aims to provide a smoother on-ramp experience for retail traders, which is crucial for market participation. The move also highlights Coinbase's broader investment in the Indian digital asset ecosystem.

Frequently asked questions

Coinbase has launched direct deposit and withdrawal rails for the Indian Rupee (INR), allowing users to transact directly on the platform using fiat currency.

Transactions will be facilitated using India's Immediate Payment Service (IMPS), an interbank fund transfer system.

Coinbase previously suspended access to UPI transactions and later discontinued its services in India due to operational issues.

At the time of writing, Bitcoin was trading around $72,600, down over 6% in the past week.

What Happens Next

01Coinbase will continue to build local INR order books for dedicated liquidity.
02Coinbase will continue to invest in the Indian digital asset ecosystem.

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Cadence

How It Developed

2 Jun · 6:59 AM
Coinbase has launched direct INR deposit and withdrawal rails in India, with a full rollout expected in two weeks.
@brian_armstrong via PiQSuite
2 Jun · 4:00 AM
Coinbase now supports direct Indian Rupee (INR) deposits and withdrawals in India, utilizing the IMPS system.
Bitcoinist.com via PiQSuite

Sources

T1
Coinbase Takes Next Step In India With Direct INR Banking Supportm.piqsuite.com
T1
Excited for Coinbase to be live in India 🇮🇳with direct INR rails. Sign up today and try it out! Deposit and withdraw available now for some users (rolling out to 100% over next ~2 weeks). India is arguably the number one crypto market globally (by number of users).@brian_armstrong via PiQSuite

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