Coinbase launches direct deposit and withdrawal channel in Indian Rupees (INR) in India

CoinFeed reported on June 1st that, according to CoinDesk, Coinbase announced the launch of a direct deposit and withdrawal channel for Indian Rupees (INR) for Indian users starting June 1st. This channel enables direct transfers from bank accounts to the platform via the IMPS system, eliminating reliance on P2P markets or third-party intermediaries. The platform will also launch perpetual futures contracts and offer the Coinbase Advanced toolset for professional users. The Indian cryptocurrency market is projected to reach $3.04 billion in 2025 and grow to $14.21 billion by 2034. Coinbase has registered with the Financial Intelligence Unit of India (FII), indicating its long-term strategic intentions. Coinbase previously faced obstacles in 2022 due to a UPI operator's refusal to support it. To address regulatory challenges, Coinbase's registration with the FII demonstrates its commitment to a long-term presence in the Indian market.