As per reports, Coinbase has suspended Unified Payments Interface (UPI) on its application within three days of its glitzy launch in India.
Coinbase, the second-largest crypto exchange by volume, was officially made available for crypto trading in India just last week.
The controversy began to simmer when last week, the National Payments Council of India (NPCI) claimed that it doesn’t know of any crypto exchanges using the UPI mode. The statements came after Coinbase revealed it to be the payment means on its platform.
The firm responded to NPCI’s statement by saying that the firm is actively exploring several payment means and partners to allow seamless crypto trades for its customers. One of the methods the firm is keen on experimenting is UPI which is an easy and quick payment system.
Coinbase further added, “We are aware of the recent statement published by the NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure that we are aligned with local expectations and industry norms”.
The firm’s Indian offshoot has 300 full-time employees which are expected to expand upto 1,000 people this year.
Notably, as per the company, Coinbase Ventures, the firm’s venture capital branch, has already invested $150 million in domestic Indian tech. ventures within the crypto and Web3 circuit. The firm is looking at new opportunities to help Indian startups.
Even though Coinbase’s launch ran into a controversy, its cofounder Brian Armstrong had multiple meetings for crypto in India. Coinbase had recently announced Web3 and Crypto events with its ‘Namaste India’ campaign and had hosted a startup pitch event on April 8th in collaboration with Buidlers Tribe.
