Cryptocurrency exchange Coinbase continues to expand its reach, having now launched Coinbase India to offer services to the Indian market.
As one of the top cryptocurrency exchanges, Coinbase's newest venture includes exploring the Indian crypto market and letting Indian investors trade multiple cryptocurrencies in INR. With new Coinbase listings coming pretty frequently, Coinbase may hope users transfer from Binance to Coinbase to use these features.
Indian investors will also be able to make use of its official mobile application to browse and trade multiple cryptocurrencies. Let's take a look at what additional services Coinbase will offer to its Indian investors and users.
Coinbase To Facilitate Crypto Trading Services In India
While attending a Tech Hub conference in Bengaluru, India, Coinbase announced the firm is looking forward to expanding its services in India and will facilitate crypto trading services for Indian investors.
Brian Armstrong, the CEO of Coinbase, who was in India for the past few weeks, confirmed the news. He also added that Coinbase is making a "long-term investment" in India to bolster crypto-related activities in the region.
Armstrong also acknowledged the soaring popularity of UPIs (User Payment Interface) in India and how they could be utilised to facilitate a smooth crypto trading experience for Indian investors. He said:
India has shown a great willingness with UPI.
A UPI is a payment system that facilitates instant real-time payments by enabling peer-to-peer transactions.
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To simplify the crypto trading experience for Indian investors, Coinbase India's Chief Product Officer Surojit Chatterjee explained how UPIs could be linked with Coinbase. This will allow users to access diverse cryptocurrencies available for further sale and purchase. It will also be a mandatory onboarding process to access Coinbase's services in India.
The exchange is already betting high on the Indian crypto market. It has already invested nearly $150 million in ten Indian crypto key companies, including CoinDCX, Polygon, and CoinSwitch.
The firm is also planning to hire skilled Indian personnel to spearhead smooth crypto operations in the region.