Coinbase has launched direct Indian rupee support in India, allowing users to deposit and withdraw funds through the Immediate Payment Service (IMPS).
The rollout gives retail traders access to spot trading and perpetual futures on Coinbase, along with local INR order books for the Indian market.
Customers can now move money between their bank accounts and Coinbase without relying on peer-to-peer channels or intermediaries.
They can deposit rupees, trade supported crypto assets and withdraw funds back to their bank accounts.
The company is registered with India’s Financial Intelligence Unit and complies with local tax requirements for virtual digital asset service providers.
A Broader Push Into India
Coinbase has been expanding its presence in India through investments and developer programmes.
It is an investor in CoinDCX and has supported local builders through Base, its Ethereum Layer 2 network.
According to Coinbase, it has put more than US$1 million into India’s builder community through Base, covering hackathons, direct grants and fellowships.
More than 4,000 builders in India have built on Base, with about 150 projects developing into startups.
Indian users can also access Coinbase Advanced, which includes APIs, WebSocket order book streaming, multiple order types and TradingView charting for active traders.
Coinbase does not charge deposit fees on INR. It also pointed to its global liquidity as a factor that could help reduce spreads and slippage for higher-volume traders.
The company is listed on Nasdaq under the ticker COIN and is part of the S&P 500.
It keeps most customer crypto in cold storage and maintains a crime insurance policy covering theft and cybersecurity incidents.
INR support is being rolled out to existing users, while new customers in India can create an account through Coinbase.
Featured image: Edited by Fintech News Singapore, based on image by superstarphoto via Magnific