Coinbase Suspends UPI Payment Method for Indian Users
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Coinbase No Longer Supports UPI Payment
On April 7, US-based cryptocurrency exchange Coinbase had announced that it will allow users in India to buy and sell cryptocurrencies via UPI in a mega event.
Just hours after Coinbase's India launch, the National Payments Corporation of India (NPCI), the governing body that oversees UPI in the country said that it was not aware of any crypto exchange using UPI payments.
“With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” NPCI said in a statement.
Notably, Mobikwik wallet, which had partnered with major cryptocurrency exchanges, has stopped supporting crypto trading.
Coinbase Eyes India Expansion
Coinbase is planning to hire around 1000 employees in India this year and is trying to set up its technology hub. Currently, it has around 300 employees spread across the country.
Coinbase Ventures, the company’s venture capital arm, has already invested $150 million in India-based technology companies in the crypto and Web3 space and is currently looking out for further new opportunities to help Indian entrepreneurs.