Key Highlights
- Coinbase has introduced BTC-INR trading support for users in India.
- The trading pair will roll out gradually across Coinbase platforms and Advanced Trade.
- Indian users can now trade Bitcoin directly with INR without USD conversion.
Crypto exchange Coinbase today announced the rollout of BTC-INR trading support for its users in India, indicating a step forward in improving accessibility and localized trading options in the Indian market.
According to the official announcement, the BTC-INR trading pair is now available on the Coinbase Exchange. Support will be launched gradually across Coinbase.com, the Coinbase mobile app, and Coinbase Advanced Trade.
Why the BTC-INR pair matters
The move permits Indian users to trade Bitcoin directly against the Indian rupee without requiring a change via USD or other fiat intermediaries. The development comes as India has so far shown interest in crypto adoption, regardless of a complex regulatory framework, including a 30% tax on crypto gains and 1% TDS on transactions.
By providing a direct INR pair, the on-ramp and trading experience will be simplified for Indian retail investors, possibly reducing friction and currency conversion costs. This newest addition aligns with the broader strategy of Coinbase to build an “everything exchange” by catering to local market needs over different geographies.
Coinbase’s growing focus on India
Coinbase is gradually setting its sights on the Indian market. So far, the platform offers different crypto assets and educational resources tailored to the region.
Last month, the exchange launched a USDC-INR trading pair for its customers in India. According to the company, Indian users can now trade the USDC-INR pair on Coinbase Exchange, with a phased rollout planned for Coinbase.com, the mobile app, and Advanced Trade.
The company noted that the trading pair is only available to verified Indian customers on the Coinbase Exchange. However, during the announcement, Coinbase did not announce timelines for direct INR deposits or withdrawals.
The launch aimed to provide a smoother, more institutional alternative to peer-to-peer (P2P) transactions, allowing users to trade USDC against the Indian Rupee with greater convenience and transparency in one of the world’s biggest crypto markets.
“AI-native” model impact on Indian employees
Coinbase further plans to proceed towards an “AI-native” model. In the process of doing this, the platform reduced 14% of its workforce, around 700 employees, affecting the Indian employees harshly.
According to the report, those working from India and those in the US on employer-sponsored visas, mainly H-1B, have been affected. The layoff gave no transition or notice period and involved immediate revocation of access. CEO Brian Armstrong called the move sudden and harsh, but at the same time attributed it to being necessary.
Broader context
The launch aims to make the trading process easier for Indian users and reduce expenses related to currency exchange. Coinbase hasn’t released its strategy for INR deposits/withdrawals yet, but users have been asking for such options after the official announcement.
The introduction of this pair demonstrates the company’s commitment to expanding internationally and innovating. With more exchanges offering localized currency pairs, there will be stiffer competition, which will positively impact traders in terms of increased liquidity, narrower spreads, and overall satisfaction.
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