Coinbase Expands to India with Direct INR Support

Highlights:

• Coinbase marks a bigger expansion into India with the rollout of new INR support for the country’s crypto traders.
• The new support means that Indian users will no longer need third-party platforms to access the global crypto market.
• Indian traders will also have access to professional trading tools like advanced order types, APIs, and TradingView charts on Coinbase’s platform.

American cryptocurrency exchange Coinbase has officially rolled out direct Indian Rupee (INR) support for Indian users. The exchange announced the move in a press release on May 31, noting that Indian traders can now move money in and out of crypto markets. In addition, users can now deposit and withdraw rupees directly via IMPS bank transfers. This eliminates the need for peer-to-peer (P2P) support or any form of intermediaries. 

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In addition to deposits and withdrawals, Coinbase has opened access to both spot and perpetual futures trading for Indian customers on its platform. Overall, the new INR support eliminates the challenges that have limited Indian participation in global crypto markets. The move marks a bigger push by Coinbase into the Indian crypto market, which the trading platform described as one of the leading global regions for blockchain development and crypto adoption.

The exchange stated:

“India has long been one of the most important markets in crypto: in terms of developer talent, trading activity, and the broader adoption of blockchain technology. We’ve been paying attention for a while.”

What Coinbase’s Latest Move Means For Indian Traders

Coinbase stressed that it is fully registered with India’s Financial Intelligence Unit (FIU-IND) and has strictly adhered to the country’s tax and compliance rules for crypto businesses. Meanwhile, Coinbase now offers local INR order books alongside access to its global exchange liquidity.

Coinbase Advanced, the company’s trading platform for experienced users, is also now available in India. It includes professional trading tools like advanced order types, APIs, TradingView charts, and live order book data through WebSocket streaming.

The crypto trading platform highlighted other benefits, which include zero fees for INR deposits. In addition, the exchange’s deeper global liquidity will help reduce slippage and wider spreads that are associated with smaller exchanges’ transactions. The exchange also guaranteed users’ asset safety, citing its position as a publicly traded company on NASDAQ under the ticker COIN and its inclusion in the S&P 500 index. 

Also, the exchange noted that customers’ crypto holdings will be stored in cold wallets with insurance coverage for theft and hack incidents. “We publish audited financials quarterly and are the custody partner for BlackRock and roughly a third of the world’s largest asset managers,” Coinbase added.

Coinbase Expands to India Amid Growing Expansion Efforts

Coinbase stated that it had spent many years building relationships in India. Notably, the company had invested in an Indian crypto exchange, CoinDCX. In addition, Coinbase has also supported local blockchain developers through its Ethereum Layer 2 network, Base. Over 4,000 Indian builders have worked on projects using Base, while roughly 150 projects later became startups. Coinbase added that it had sponsored hackathons, grants, and fellowships for developers across India. 

The trading platform has also sponsored Indian founders’ and students’ trips to startup programs in regions such as Malaysia, New York, and San Francisco. These formed part of Coinbase’s concentrated efforts to expand India’s local communities. Currently, Coinbase’s INR support is open only to existing users in India. However, new users can benefit from the support system by registering directly through the Coinbase platform.