Coinbase Revamps Services in India with Direct Rupee Payments

Blockchain firm Coinbase has taken a significant step towards regaining ground in the Indian market with the launch of direct Indian rupee deposit and withdrawal services. This move is part of Coinbase's renewed strategy for India, which was forced to suspend local payment support in 2022 due to regulatory pressure.

The new service allows Indian users to move funds directly between their bank accounts and Coinbase through the country's Immediate Payment Service (IMPS), eliminating the need for peer-to-peer workarounds and third-party intermediaries. This is a significant development, as it makes Coinbase the only major international crypto exchange currently offering direct rupee payment rails in India.

According to industry estimates, the Indian market processes around $3 billion in monthly crypto trading volume, making it one of the world's fastest-growing digital asset markets. Despite the challenges posed by India's tough crypto tax regime, including a 30% tax on digital-asset gains and a 1% tax deducted at source on transactions, Coinbase believes that the country's large developer base, growing retail participation, and expanding digital payments ecosystem make it a long-term opportunity.

With this launch, Coinbase is pairing spot and perpetual futures trading with local rupee liquidity, aiming to provide Indian customers with a seamless and efficient trading experience. The company has also announced plans for further expansion in India, which will be guided by its 'Everything Exchange' vision across global markets.