Coinbase, a leading crypto exchange in the world, kicks off trading of Crypto in India on April 7, 2022 with the support of digital payment gateway – Unified Payments Interface (UPI) to make its operations functional in India. UPI is the leading payment gateway in the retail sector of India.
The Coinbase exchange claims to be largest crypto exchange in the world and a customers base of nearly 89 million users of its services in over 100 countries, will now facilitate the purchase of Cryptocurrencies in India by allowing users to buy them using UPI payment gateway. The trials with UPI in the past few weeks have indicated a positive growth in the crypto sector.
This was officially announced today at a mega crypto event in Bengaluru. The event was hosted by Coinbase itself and focused on the future of crypto and Web 3, reports Coindesk.
The details of the action plan are still not explicit, Coinbase is still quiet on the names of its banking partners for the UPI payments.
Digital currency is still considered to be in nascent stage, and as per guidelines of Reserve Bank of India, most of the banks in India do not indulge themselves in transactions involving digital currencies.
In addition to UPI, the payment option through IMPS was also added on the official app of Coinbase.
Brian Armstrong, CEO of the company had recently announced the company’s expansion plans in India by recruiting 1,000 new brains to develop new products in the field of digital assets.
Coinbase Venture, the company’s corporate investment arm, will also host a startup pitch event on 8 April. This may be a big one for some creative minds of the Crypto World. The big names like Coin DCX and CoinSwitch Kuber in India have already received support from Coinbase Ventures in the past.
The announcement comes at a time when crypto investors are stressed with the enforcement of a 30 percent taxation on gains from Virtual Digital Assets (VDAs) from April 1, 2022.
