Coinbase is further expanding its presence in the Indian market. The company disclosed that starting June 1, 2026, Indian users will be able to deposit or withdraw Indian rupees directly from their bank accounts to Coinbase via the Instant Payment Service (IMPS), eliminating the need for peer-to-peer transactions or third-party intermediaries.
The Rupee Pass will open on June 1.
This adjustment primarily targets Indian retail users. Previously, local users often had to deposit funds into their crypto accounts through P2P marketplaces or intermediary channels, which was a slow process and more prone to issues such as payment fraud and unclear fund chains leading to account freezes.
According to the company's disclosure, the new rupee gateway will support direct inflows and outflows between bank accounts and Coinbase accounts. The integrated IMPS network is one of India's most commonly used instant payment networks, meaning users can bypass intermediaries and directly transfer funds in their local currency.
Spot and perpetual contracts launched simultaneously
In addition to its local currency gateway, Coinbase will also offer spot trading of major crypto assets to Indian users and launch perpetual futures contracts. For higher-frequency or more specialized trading needs, the platform will also provide tools such as TradingView integration and APIs through Coinbase Advanced.
The company also mentioned that it will build a local rupee order book. This means that Indian users' transactions will be supported by local liquidity, rather than relying entirely on global market price matching.
- Direct rupee deposits and withdrawals will be available starting June 1st.
- Trading products cover spot and perpetual contracts
- Professional tools include TradingView and API access.
Emphasizing local compliance upon re-entry
India has consistently been a key market for the global crypto industry, boasting both an active developer community and high retail engagement. Previous data from Chainalysis shows India maintaining a leading position in crypto adoption. Consulting firm Imarc projects the Indian crypto market will reach $3.04 billion by 2025.
However, the payment and regulatory environment in the Indian market has always been quite sensitive. Coinbase attempted to launch its service locally as early as 2022, but arrangements regarding UPI payment support were quickly thwarted, and the platform's progress was not smooth.
This time, Coinbase explicitly emphasized that it has completed its registration with the Indian financial intelligence agency FIU-IND. John O'Loghlen, Head of Asia Pacific at Coinbase, stated that India has always been an important market for the crypto industry, and Coinbase hopes to participate in the local market in a longer-term manner.
Additional information:According to data from Imarc cited by CoinDesk, the Indian crypto market may grow to $14.21 billion by 2034.
