Coinbase suspends UPI payments 3 Days after launching in India
- ByStartupStory | April 11, 2022
Coinbase, a Nasdaq-listed crypto exchange, halted selling cryptocurrency in India three days after it opened its doors. This occurred when Mobikwik stopped accepting payments from all crypto exchanges, including Coinbase, causing yet another big blow to India’s bitcoin ecosystem. Coinbase has currently disabled all crypto buying options. Users can, however, continue to sell their holdings using the IMPS payment mechanism.
On April 7, 2022, Coinbase had its first official launch ceremony in India. After Indian customers saw the installation of the two payment systems (UPI & IMPS) on Coinbase’s app on March 26, rumors stated that Coinbase had begun rolling out UPI and IMPS support for its users in India.
Nasdaq-listed Coinbase began testing UPI payments a few weeks ago, signaling that the company is seeking to expand its product offerings in India. The National Payments Commission of India (NPCI) made a statement on the day Coinbase added UPI as a payment option, stating that it was not aware of any crypto exchanges using UPI.
Brian Armstrong, the founder of Coinbase, recently stated that his company intends to increase IT hiring and investments in India. Coinbase Ventures has already invested $150 million in homegrown Indian technology firms in the crypto and web3 space, and it’s always looking for new ways to assist Indian entrepreneurs scale.
Coinbase Ventures, which has invested more than $150 million in the Indian market, aims to increase its investments this year, according to Shan Aggarwal, head of corporate development and ventures. However, given the present events, it’s impossible to say whether these plans will be implemented.
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