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 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.
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.
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.