Coinbase India Upgrades Payment Rails to Bridge Traditional Finance and Crypto

India's Unified Payments Interface (UPI) could be the key to bridging traditional finance and cryptocurrency, making it easier for rupees to move into digital assets and vice versa. According to John O'Loghlen, Coinbase India's regional managing director, the company is planning an upgrade to its payment rails in the country.

The upgrade will make it 'very easy to move money in and out of your account,' O'Loghlen said, without naming UPI directly but hinting at the prominent role it plays in Indian payments. Coinbase India already allows users to cash out their crypto into rupees and top up with rupees to buy digital assets.

The easier it is for users to move money between traditional finance and cryptocurrency, the less friction they face. As O'Loghlen noted, 'The practical use case for digital assets in the last 24 months has largely been around stablecoins,' which enable payments and transfers in a real-time, low-cost environment.

Coinbase India's upgrade plans may soon connect UPI with blockchain networks and stablecoins, enabling new forms of digital settlement. Tokenisation is another major development, bringing faster settlement times, lower transaction costs, and 24-7 trading to the financial ecosystem.