The Nasdaq-listed Coinbase exchange announced a major market move on Monday: the launch of direct rails for Indian rupees (INR).
From June 1, 2026, the exchange’s Indian customers can deposit and withdraw rupees directly from their bank accounts via the Immediate Payment Service (IMPS), a move designed to eliminate the need for middlemen and simplify the often clumsy process of entering the crypto market in the region.
For a long time, Indians have had to rely on Peer-to-Peer (P2P) markets or third-party intermediaries to fund their crypto accounts. This method can be slow and sometimes risky, often leaving users vulnerable to payment fraud or the sudden freezing of their bank accounts by law enforcement due to suspicious fund traces from unknown counterparties. Coinbase gets around that by integrating directly with the Immediate Payment Service (IMPS).
Coinbase’s latest move means customers can transfer money from their local bank accounts directly to the Coinbase platform and back again.
“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, Coinbase’s Head of APAC, in the announcement shared with CoinDesk.
The country has been ranked among the top countries driving crypto adoption in the APAC market in 2025 and ranked first in the Global Crypto Adoption Index according to Chainalysis data. In fact, according to consulting firm Imarc, the Indian cryptocurrency market reached $3.04 billion in 2025 and is expected to reach $14.21 billion in 2034, growing at a CAGR of 18.66% during the period 2026-2034.
‘Here for the long term’
However, the launch is not just for beginners. While retail traders can access spot markets for major assets, the platform also introduces perpetual futures contracts.
For the “pro” crowd, the “Coinbase Advanced” suite will offer institutional-grade tools, including TradingView integration and sophisticated APIs. In particular, by building local INR order books, Coinbase ensures that users are not trading against global prices, but have dedicated liquidity at home.
The aim is to provide the same platform trusted by global institutions to India’s massive retail base, Coinbase said.
Regulation has always been the elephant in the room for crypto in India.
Coinbase first opened its platform to Indians in 2022, but ran into a roadblock within days when UPI operator National Payments Corporation of India (NPCI) rejected Coinbase’s then-launch of UPI support, saying it was not aware of such a scheme involving a crypto exchange.
Coinbase is tackling regulatory challenges head-on this time by registering with the Financial Intelligence Unit (FIU-IND), the central national agency responsible for analyzing and disseminating information about suspicious financial transactions.
The FIU registration is a clear signal that the exchange is seeking a long-term presence in the world’s fastest growing large economy and most populous country.
The latest offer is based on many years of quiet groundwork. Coinbase is already an investor in local exchange CoinDCX and has channeled over $1 million to Indian developers through its “Base” Layer 2 network.
“With the launch of direct INR rails, we are making Coinbase fully accessible to Indian retail traders, with the same platform trusted by institutions and traders worldwide. We are registered with FIU-IND and here for the long term,” said O’Loghlen.
