Nasdaq-listed Coinbase exchange announced a major market move on Monday: the launch of direct trading for the Indian rupee (INR).
Starting June 1, 2026, Indian customers of the exchange can deposit and withdraw rupees directly from their bank accounts via Immediate Payment Service (IMPS), a move designed to eliminate the need for intermediaries and simplify the often-cluttered 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 unsuspecting users vulnerable to payment scams or having their bank accounts suddenly frozen by law enforcement due to suspicious fund trails from unknown counterparties. Coinbase is circumventing this by integrating directly with the Immediate Payment Service (IMPS).
Coinbase’s latest move means its customers can transfer funds 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 widespread adoption of blockchain technology,” John O’Loghlen, head of APAC at Coinbase, said in an announcement shared with CoinDesk.
According to Chainalysis data, the country has been ranked among the top crypto adopting countries in the APAC market in 2025, and ranked first in the Global Crypto Adoption Index. In fact, according to consulting firm Imark, the Indian cryptocurrency market reached $3.04 billion in 2025 and is projected to reach $14.21 billion by 2034, growing at a CAGR of 18.66% during the time period 2026-2034.
‘Here for the long term’
However, the launch is not just for beginners. While retail traders can access spot markets for key assets, the platform is also offering perpetual futures contracts.
For the “pro” crowd, the “Coinbase Advanced” suite will offer institutional-grade tools, including Trading View integration and sophisticated APIs. Specifically, by creating a local INR order book, Coinbase ensures that users are not trading against global prices, but rather dedicating liquidity at home.
The goal, Coinbase said, is to provide India’s huge retail base with the same platform trusted by global institutions.
Regulation has always played an important role when it comes to crypto in India.
Coinbase first opened its platform to Indians in 2022, but hit a wall within days when the UPI operator, National Payments Corporation of India (NPCI), rejected Coinbase’s then-launch of UPI support, saying it was unaware of any such arrangement involving the crypto exchange.
Coinbase is dealing with regulatory challenges this time by registering with the Financial Intelligence Unit (FIU-IND), the central national agency responsible for analyzing and disseminating information on 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 major economy and most populous country.
The latest offering builds on years of quiet groundwork. Coinbase is already an investor in local exchange CoinDCX and has invested over $1 million in Indian developers through its “Base” Layer 2 network.
O’Loghlen said, “With the launch of direct INR Rail, we are making Coinbase fully accessible to Indian retail traders, trusted by institutions and traders around the world. We are registered with the FIU-IND and are here for the long term.”