PANews reported on June 1st that, according to CoinDesk, Coinbase announced the launch of a direct deposit and withdrawal channel for Indian Rupees (INR) for Indian users starting June 1st. This channel enables direct transfers from bank accounts to the platform via the IMPS system, eliminating reliance on P2P marketplaces or third-party intermediaries. The platform will also launch perpetual futures contracts and offer the Coinbase Advanced toolset for professional users.

The Indian cryptocurrency market is projected to reach $3.04 billion in 2025 and grow to $14.21 billion by 2034. Coinbase has registered with the Financial Intelligence Unit of India, indicating its long-term intentions. Coinbase previously faced obstacles in 2022 due to the refusal of UPI operators to provide support. To address regulatory challenges, Coinbase's registration with the Indian Financial Intelligence Unit demonstrates its desire for a long-term presence in the Indian market.