Coinbase launches direct INR deposits and withdrawals for Indian customers

Bengaluru: Nasdaq-listed Coinbase launched direct INR rails for customers in India on Monday. Indian customers can now deposit and withdraw INR directly from their bank accounts via IMPS (Immediate Payment Service), eliminating the need for P2P (Peer-to-Peer) rails or intermediaries, the company stated.

Coinbase, which has registered with FIU-IND, has built local INR order books that provide dedicated liquidity for Indian customers, with continued access to its global exchange.

"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," said John O'Loghlen, Head of APAC, Coinbase. "With the launch of direct INR rails, we're making Coinbase fully accessible to Indian retail traders, with the same platform trusted by institutions and traders around the world. We're registered with FIU-IND and here for the long term," he added.

Coinbase said it holds the majority of customer crypto in cold storage, maintains a dedicated crime insurance policy, and is regularly audited against industry security standards. The launch builds on several years of investment in the Indian ecosystem. Coinbase is an investor in CoinDCX, one of India's leading crypto exchanges. Through Base, Coinbase's Ethereum Layer 2 network, the company has invested over $1 million in the Indian builder community through hackathons, direct grants, and fellowships.