Coinbase is adding support for the popular UPI payment instrument in India, making its eponymous cryptocurrency exchange functional in the world’s second largest internet market for the first time.
The publicly listed firm, which began testing the UPI payments a few weeks ago, made the official launch at its maiden event in India on Thursday, saying that it is working to broaden its product offerings in the country.
UPI, a payments infrastructure developed by a coalition of retail banks, has become the most popular way Indians transact online. Coinbase users in India will be able to top and withdraw money to their account by using UPI network, a company executive said. To incentivize customers to try the Coinbase app, the company said it is offering $2.65 to everyone who signs up.
The arrival of Coinbase, which operates in dozens of markets, comes at an interesting time in India. Coinbase is already an investor in two of the largest local crypto exchanges — CoinSwitch Kuber and CoinDCX.
New Delhi’s move to start taxing crypto income in the country last week has prompted hundreds of thousands of people to cut down or halt crypto trading, according to sources familiar with the matter.
Coinbase, which did not acknowledge the Indian stringent tax law, said it’s making a “long-term” bet on India. Brian Armstrong, co-founder and chief executive of Coinbase, said the firm has already invested $150 million in Indian startups and is planning to more than triple its headcount in the country to 1000 this year.
This is a developing story. More to follow…
