Coinbase adds to India's US$3 billion crypto market to officially launch local currency settlement service

Starting from June 1, Coinbase has launched an Indian Rupee (INR) direct deposit and withdrawal channel based on Instant Payment Services (IMPS), and no longer relies on point-to-point transactions and third-party intermediaries. This move not only lowers the operating threshold for Indian users and reduces the risk of fraud, but also allows users to seamlessly transfer bank accounts and encrypted assets within the compliance platform. This function is launched to simultaneously open spot and perpetual contract transactions, and provide liquidity support for local rupee. At the same time, the platform has completed registration with the Indian Financial Intelligence Unit (FIU), demonstrating its long-term determination to deeply explore the local market.