Coinbase Reopens India App, Paving Way for Fiat On-Ramp in 2024

Coinbase has reopened its app for registration in India, allowing users to make crypto-to-crypto trades after a pause of over two years. The move marks a significant development for the company, which had previously shut down support for the Unified Payments Interface (UPI) payment network in 2022 due to regulatory issues. Speaking at India Blockchain Week (IBW), Coinbase's APAC director John OLoghlen announced that the company plans to introduce a fiat on-ramp in 2026, enabling users in India to load money and purchase cryptocurrencies. According to OLoghlen, the decision to offboard users in 2023 was a deliberate choice to "burn the boats" and start anew. He acknowledged that this move was not without hesitation, as it meant sacrificing a significant customer base in the country. "We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities, where they were domiciled and regulated," OLoghlen explained. "Because we wanted to kind of burn the boats, have a clean slate here. As a commercial business person wanting to make money and active users, that's like the worst thing you can do." The company's decision to shut down UPI support in 2022 was a result of the National Payments Corporation (NPCI) refusing to acknowledge Coinbase's presence in the country. This regulatory hurdle forced Coinbase to cease operations in India, leaving users without access to their accounts. The company's subsequent decision to offboard users was a strategic move to distance itself from the regulatory issues and establish a fresh presence in the market. The reintroduction of Coinbase's services in India is significant, given the country's growing interest in cryptocurrencies. The Indian government has been exploring the potential of blockchain technology and cryptocurrencies, with some officials advocating for a more favorable regulatory environment. The reintroduction of Coinbase's services is likely to be welcomed by Indian users, who will now have access to a major cryptocurrency exchange. Coinbase's plans to introduce a fiat on-ramp in 2026 will further enhance the user experience in India. This feature will enable users to load money directly into their Coinbase accounts, making it easier to purchase cryptocurrencies. The company's decision to reintroduce its services in India and invest in a fiat on-ramp demonstrates its commitment to the Indian market and its willingness to navigate regulatory complexities. As the cryptocurrency market continues to evolve, Coinbase's move is a significant development in the Indian market. The company's experience in navigating regulatory hurdles and its commitment to establishing a fresh presence in the market will likely be closely watched by other cryptocurrency exchanges.