Coinbase makes a major play for India’s booming $3 billion crypto market with local currency launch

Nasdaq-listed Coinbase exchange announced Monday a major market move: the launch of direct rails for Indian rupees (INR).

Starting June 1, 2026, the exchange’s Indian customers can deposit and withdraw rupees directly from their bank accounts via the Immediate Payment Service (IMPS), a move designed to eliminate the need for intermediaries and simplify the often-clunky 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, at times, risky, often leaving vulnerable users to payment scams or the sudden freezing of their bank accounts by law enforcement due to suspicious fund trails from unknown counterparties. Coinbase is bypassing that 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 the broader adoption of blockchain technology,” said John O’Loghlen, Coinbase’s Head of APAC, in the announcement shared with CoinDesk.

The country has been ranked among the top countries driving crypto adoption in the APAC market in 2025, and ranked first in the Global Crypto Adoption Index, according to Chainalysis data. In fact, according to the consulting firm Imarc, 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 2026-2034 time period.

‘Here for the long-term’

The launch isn’t just for beginners, however. While retail traders can access spot markets for major assets, the platform is also introducing perpetual futures contracts.

For the “pro” crowd, the “Coinbase Advanced” suite will offer institutional-grade tools, including TradingView integration and sophisticated APIs. Notably, by building local INR order books, Coinbase ensures users aren’t trading against global prices but have dedicated liquidity right at home.

The goal is to provide the same platform trusted by global institutions to India’s massive retail base, Coinbase said.

Regulation has always been the elephant in the room for crypto in India.

Coinbase first opened its platform to Indians in 2022 but ran into a roadblock within days when the UPI operator, National Payments Corporation of India (NPCI), dismissed Coinbase’s then launch of UPI support, saying it was unaware of any such arrangement involving a crypto exchange.

Coinbase is tackling regulatory challenges head-on 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 funneled over $1 million into Indian developers through its “Base” Layer 2 network.

“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,” O’Loghlen said.