Just three days after launch, US-based crypto exchange Coinbase on Sunday removed the option of adding UPI as a payment method on its app.
Currently, bank transfer via IMPS is the only payment method available for Indian users on Coinbase app. However, users can only sell crypto via IMPS, buying option is not available.
On April 7, Coinbase had announced it would allow Indian users to use UPI as a a payment method to buy and sell crypto. Coinbase officials had then told FE Online that they were in talks with banking partners to enable UPI based payments on its platform.
However, within hours of the Coinbase announcement, National Payments Corporation of India (NPCI), said it was not aware of any crypto exchange using UPI.
“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 hours after Coinbase’s announcement.
Meanwhile, Mobikwik wallet has also stopped supporting crypto trading. It has earlier partnered with major crypto exchanges. But on Sunday several users report Mobikwik services were not available on Indian exchanges.
Coinbase is planning to hire 1000 employees in India this year and is trying to set upto its technology hub. Currently, it has around 300 employees spread across India.