Coinbase has launched direct banking support for the Indian rupee via India’s Immediate Payment Service, allowing local deposits and withdrawals without peer-to-peer intermediaries. The exchange has also established dedicated INR order books and introduced perpetual futures contracts. This marks a significant infrastructure upgrade for Coinbase in a market ranked first globally in crypto adoption.
Coinbase has launched direct INR banking rails in India, routing deposits and withdrawals through the country’s Immediate Payment Service. This eliminates the need for peer-to-peer intermediaries and simplifies the onboarding process for local users.
The exchange has established dedicated INR order books that allow Indian users to trade directly in rupees. Coinbase also rolled out perpetual futures contracts covering major cryptocurrencies for leveraged trading.
Coinbase Regional Managing Director for APAC, John O’Loghlen, stated that the exchange was “here for the long term.” He added that the firm has “invested meaningfully in the Indian ecosystem” in recent years.
In a tweet, Coinbase India Product Lead Akshay Chugh noted that “all the pieces are coming together now.” He stated that India is one of the most important markets for Coinbase globally and that direct INR rails are “Gradually rolling out to all users.”
The infrastructure upgrades leverage Coinbase’s registration with India’s Financial Intelligence Unit. The direct banking integration represents a technical milestone for international exchanges operating in India.
India maintained its position as the global leader in crypto adoption for the third consecutive year according to the 2025 Chainalysis Global Crypto Adoption Index. The Indian cryptocurrency market reached $3.04 billion in 2025 and is projected to hit $14.21 billion by 2034.
The market expansion comes despite India’s flat 30% tax on crypto gains and 1% tax deducted at source on all transactions. These are among the highest crypto tax rates globally.
Coinbase’s current infrastructure marks a reversal from its troubled 2022 India launch, when it suspended UPI payment support within three days. Chief Executive Brian Armstrong attributed the suspension to “informal pressure” from the Reserve Bank of India.
The exchange exited India entirely before returning in December 2025 with Financial Intelligence Unit registration. The two-year absence allowed Indian exchanges like CoinDCX and WazirX to dominate market share.
