Coinbase is adding support for the popular UPI payment instrument in India, making its eponymous cryptocurrency exchange available for the first time in the world's second largest internet market.
The publicly traded company, which began testing UPI payments a few weeks ago, made the official launch on Thursday at its first event in India, saying it is working to expand its product offerings in the country. UPI, a payments infrastructure created by a group of retail banks, has become the most popular way for Indians to transact online. According to a company executive, Coinbase users in India will be able to top up and withdraw funds from their accounts via the UPI network. To encourage customers to use the Coinbase app, the company said it is offering $2.65 to everyone who signs up.