The exchange will offer its Base blockchain for Indian developers
Base is Coinbase’s layer-2 blockchain built atop Ethereum
Coinbase halted its services in India back in 2023
Photo Credit: Reuters
Coinbase has officially resumed operations in India after nearly two years. On March 11, the US-based crypto exchange announced its registration with India's Financial Intelligence Unit (FIU), a mandatory step for all crypto firms operating in the country. Highlighting India's rise as a global tech powerhouse, Coinbase emphasised the nation's key role in Web3 expansion.
With its FIU-India registration, Coinbase can now legally offer crypto trading to the world's largest population. In the coming months, the exchange plans to expand its offerings with new retail services, investment products, and more in India.
“India represents one of the most exciting market opportunities in the world today, and we're proud to deepen our investment here in full compliance with local regulations,” said John O'Loghlen, Regional Managing Director for APAC at Coinbase as commenting on the development.
Coinbase highlighted India's growing Web3 developer community, which has expanded from 3 percent in 2018 to 12 percent in 2023.
Beyond trading services, Coinbase is also introducing its Base blockchain in India, providing developers with a low-cost, secure layer-2 platform on Ethereum to build and innovate.
“Too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that,” O'Loghlen noted. “With tools like Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.”
Back in February, Gadgets 360 reported that Coinbase had begun discussions with potential partners to introduce UPI-linked services in the country. To support its UPI-enabled services, the company was reportedly prioritising partnerships with local firms for key services such as KYC verification.
Between April 2022 and September 2023, Coinbase faced legal hurdles in India. After announcing UPI-based crypto purchases in 2022, the National Payments Corporation of India (NPCI) stated that the exchange had not sought approval for UPI integration, leading Coinbase to halt its services in 2023.
Its return to India follows the appointment of Paul Grewal, Coinbase's Chief Legal Officer, to the Board of the US-India Business Council (USIBC). Founded in 1975 and based in Washington, D.C., USIBC fosters commercial ties between the two nations. Coinbase expressed optimism about actively contributing to this dialogue moving forward.t in this dialogue.
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