Coinbase launches IMPS-based INR rails in India to target $3B retail crypto market

Coinbase says Indian users can deposit and withdraw rupees directly via IMPS starting June 1, removing the P2P and intermediary step that made funding accounts slow and scam-prone. It is pairing the fiat rail with local INR order books, spot trading, perpetual futures, Coinbase Advanced, and FIU-IND registration, a cleaner second attempt after its 2022 UPI rollout collapsed within days. India ranked No. 1 in Chainalysis' 2025 adoption index, and IMARC estimates the local crypto market hit $3.04B in 2025 and could reach $14.21B by 2034.

TLDR by @Benthic

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