Coinbase Starts Rupee Deposits, Withdrawals in India, Enables Spot and Perpetual Futures Trading
Summary
- Coinbase said it has launched deposit and withdrawal services for the Indian rupee (INR).
- Users in India can now deposit rupees to trade major cryptocurrencies in the spot market and in perpetual futures.
- Coinbase said it is stepping up its push into India with FIU-IND registration, compliance with tax rules, and the launch of a rupee-based order book (INR Order Book).
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Coinbase has started offering deposits and withdrawals in India’s local currency, the rupee.
Wu Blockchain reported on June 31 that Coinbase launched a service allowing users in India to deposit and withdraw rupees directly through the Immediate Payment Service, or IMPS.
Indian users can now fund their accounts in rupees and trade major cryptocurrencies in the spot market as well as perpetual futures.
Coinbase said it has completed registration with FIU-IND, India’s Financial Intelligence Unit, and is complying with local tax rules. It also built a rupee-based order book for Indian users.
Coinbase said it plans to continue providing Indian users with the liquidity and services of its global exchange.
The industry views the launch as Coinbase stepping up its push into India, one of the world’s largest cryptocurrency markets.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
