Coinbase Introduces Indian Rupee Support for Users in India
Coinbase has announced a significant update for its users in India by launching direct support for the Indian rupee (INR). This new feature enables users to deposit and withdraw funds easily using the Immediate Payment Service (IMPS).
With this rollout, retail traders in India will now have access to spot trading and perpetual futures on Coinbase, complete with local INR order books. This means users can transfer money directly between their bank accounts and Coinbase without needing to go through peer-to-peer channels or third-party services. Customers can deposit rupees, trade supported cryptocurrencies, and then withdraw funds back into their bank accounts.
The company is compliant with local regulations and has registered with India’s Financial Intelligence Unit, ensuring it meets all necessary tax obligations for virtual digital asset services.
Expanding Presence in India
Coinbase is actively increasing its influence in India through investments and developer initiatives. The company has invested in CoinDCX and is supporting local developers through its Ethereum Layer 2 network, Base. So far, Coinbase has contributed over $1 million to India’s developer ecosystem, which includes sponsoring hackathons, providing direct grants, and offering fellowships.
Over 4,000 developers have worked on Base, leading to around 150 projects that have evolved into startups. Additionally, Indian users can access Coinbase Advanced, which features advanced tools and options for more experienced traders.
Importantly, Coinbase does not impose deposit fees on INR transactions, and it emphasizes its global liquidity as a way to minimize trading spreads and slippage for those making higher-volume transactions.
Coinbase is publicly traded on Nasdaq with the ticker symbol COIN and is included in the S&P 500 index. To safeguard customer assets, the company stores the majority of cryptocurrencies in cold storage and has a crime insurance policy to cover theft and cybersecurity issues.
The INR support feature is being made available to existing users, while new customers in India can sign up for an account through Coinbase.
