As India gains clarity on how its crypto laws will work, Coinbase plans to launch its unified payment interface (UPI) instrument in the country.
Effectively, Coinbase has become available to Indian traders, bringing the world’s largest crypto exchange to the fore for potentially millions of customers.
UPI payments started testing a few weeks back but is now available on the Indian market which will give locals access to a powerful and reliable crypto trading solutions while allowing Coinbase to expand its own footprint.
This comes despite fears that India may choose to ban cryptocurrencies en masse. Such fears swirled for the better part of 2021 and nearly became a fact in early 2022, but the government has finally decided to take a high road towards crypto and regulate it instead of prohibiting it altogether.
UPI payments is a unique product as is not developed independently of the financial system. Rather, the product is the result of the joint work of numerous retail banks who have made UPI popular with the ordinary Indian customer who is looking to transact any asset online.
Coinbase in the meantime is making sure that people will be interested in taking up crypto trading – whether seriously or to improve their general knowledge of the sector.
To this end, the company is offering a $2.65 no deposit bonus to anyone who signs up for the platform. The company did not name the banks it’s partnering up with for its UPI launch, but they should be fairly prominent players.
There is some lingering hostility towards cryptocurrencies by mainstream bankers, mostly the aftereffects of the Reserve Bank of India attempting to prohibit cryptocurrencies altogether in 2020.