Crypto exchange Bitget, based in the Seychelles, has partnered with Alchemy Pay, a Web3 payment solutions platform, to allow Indian users to buy cryptocurrencies using the Indian Rupee. This collaboration aims to enhance the accessibility of international crypto exchanges for Indian nationals and expand their platform options.
Bitget’s collaboration with Alchemy Pay will enable crypto purchases via IMPS bank transfers and the Unified Payments Interface (UPI). Alchemy Pay, through this partnership, will offer on-ramp services on Bitget’s trading platform, facilitating crypto asset purchases using fiat services like Visa, Mastercard, Apple Pay, and Google Pay. Alchemy also supports withdrawals, allowing crypto holders to sell their assets and receive fiat funds in their bank accounts.
This development is noteworthy considering previous regulatory concerns surrounding crypto purchases through UPI in India. In April 2022, Coinbase retracted its announcement enabling UPI-based crypto purchases due to non-authorization from the National Payments Corporation of India (NPCI).
Bitget has previously expressed interest in the Indian market, investing $10 million over five years to support crypto businesses in the country and launching a $100 million fund for promising Web3 projects from Asia. India ranks first in Chainalysis’ 2023 Global Crypto Adoption Index, indicating its strong potential in this field.
This partnership between Bitget and Alchemy Pay offers Indian users a convenient and diverse option for purchasing cryptocurrencies, potentially aiding the country’s growing crypto adoption rate.
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