Crypto exchange CoinSwitch Kuber has deactivated all modes of payment to buy cryptos in Indian rupees on its platform, thereby leaving users with very limited options to buy cryptos. CoinSwitch Kuber is one of the two crypto-based unicorns in India, along with CoinDCX.
The Bengaluru-headquatered crypto firm has disabled rupee deposits via Unified Payments Interface UPI or any other modes, like NEFT, IMPS, RTGS, which means users can t load money in rupees to buy cryptos on the platform.
The move by one of India s largest cryptos comes two days after U.S.-based NASDAQ-listed crypto exchange Coinbase stopped accepting UPI payments in just three days after the launch of its trading services in Bengaluru.
Coinbase on April had announced that it will allow payments through Unified Payments Interface UPI on its platform. The same day, National Payments Corporation of India NPCI issued a statement that it’s not aware of any crypto exchange using UPI. On April , the company disabled the UPI payment facility.
Following this, its users can now only do online transactions only via Immediate Payment Service IMPS, to not buy but only sell cryptos. It’s not clear whether it was Coinbase’s decision to stop the UPI payments or it was directed by the NPCI.
Before this, homegrown digital wallet Mobikwik had also stopped support for all crypto trading firms on April . The company has also declined to comment on its decision to leave the cryptocurrency space. The app had partnered with several crypto exchanges like WazirX for facilitating sale and purchase of cryptocurrencies.
