Summary
- Coinbase has rolled out direct deposit and withdrawal options for Indian rupees via India's Immediate Payment Service.
- The platform has created specific INR order books for trading in the local currency.
- India leads globally in cryptocurrency adoption, with the market expected to grow to $14.21 billion by 2034.
Coinbase has officially introduced direct banking rails for INR in India, facilitating deposits and withdrawals through the Immediate Payment Service (IMPS). This innovation removes the need for peer-to-peer intermediaries, streamlining the onboarding process for local users.
The exchange has set up dedicated INR order books, enabling Indian users to trade directly in rupees without needing to convert to stablecoins or other intermediary currencies. Additionally, Coinbase has launched perpetual futures contracts for major cryptocurrencies, offering Indian traders access to leveraged trading options that have boosted activity on competing platforms in the region.
Coinbase is now operational in India with direct INR banking options.
Users throughout India can now easily tap into global liquidity and enjoy institutional-quality execution at the lowest trading costs available.
We are making the future of finance more accessible than ever. pic.twitter.com/39yuijyibQ
— Coinbase 🛡️ (@coinbase) June 1, 2026
John O'Loghlen, Coinbase's Regional Managing Director for APAC, emphasized that the exchange is "here for the long term," mentioning that the company has "invested significantly in the Indian ecosystem" in recent years.
Coinbase India Product Lead Akshay Chugh remarked in a tweet that “everything is falling into place,” highlighting that “India is a key market for Coinbase globally” and that the direct INR options are “gradually being made available to all users.”
This infrastructure enhancement takes advantage of Coinbase's registration with India's Financial Intelligence Unit, which oversees suspicious transactions and ensures crypto compliance. This direct banking integration marks a significant technical achievement for foreign exchanges operating in India, where regulatory uncertainties have often necessitated alternative solutions.
For the third consecutive year, India has maintained its position as the top country for crypto adoption, surpassing the United States, Pakistan, Vietnam, and Brazil, as reported by the 2025 Chainalysis Global Crypto Adoption Index. The Indian cryptocurrency market was valued at $3.04 billion in 2025 and is expected to reach $14.21 billion by 2034, with a compound annual growth rate of 18.66%.
This market expansion continues despite India's 30% tax on crypto gains and a 1% tax deducted at source on all transactions, among the highest tax rates for cryptocurrencies worldwide.
The current infrastructure of Coinbase represents a significant turnaround from its challenging launch in India in 2022, when the exchange had to halt UPI payment support shortly after launch due to a statement from the National Payments Corporation of India. CEO Brian Armstrong attributed this suspension to “informal pressure” from the Reserve Bank of India, which led Coinbase to limit operations to crypto-to-crypto transactions only.
The exchange left India entirely before re-entering in December 2025 with its Financial Intelligence Unit registration. During its two-year absence, local exchanges like CoinDCX and WazirX gained significant market share while Coinbase worked through regulatory hurdles and invested in the local market, including partnerships with CoinDCX.