Coinbase launches direct INR deposits for Indian customers, targeting $3B market

Bridging India's crypto gap

Coinbase first opened its platform to Indians in 2022 but faced immediate headwinds. The National Payments Corporation of India (NPCI) blocked the exchange's UPI support launch within days, leaving Indian traders unable to move money efficiently. The new INR rails via the Immediate Payment Service (IMPS) sidestep that constraint.

The timing reflects India's explosive crypto growth. The market is projected to reach $14.21 billion by 2034, expanding at a 18.66% compound annual growth rate through 2034. Coinbase isn't betting blind. It's already an investor in local exchange CoinDCX and has funneled over $1 million into Indian developers through its Base Layer 2 network.

Local liquidity and institutional tools

By building local INR order books, Coinbase ensures users trade against dedicated liquidity rather than global prices. The platform is introducing perpetual futures contracts alongside spot markets for major assets.

Retail traders get the core experience. Institutions get more. Coinbase Advanced will offer institutional-grade tools, including TradingView integration and sophisticated APIs. The exchange has also registered with the Financial Intelligence Unit (FIU-IND), the central agency responsible for analyzing suspicious financial transactions.

"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" — John O'Loghlen, Coinbase's Head of APAC