Bitget 126db Alchemy Pay Partner to Allow Crypto Purchasing via Indian Rupee and UPI

Alchemy Pay, as part of this partnership, will provide its on-ramp services on Bitget’s trading platform. 306b50

Written by Siddharth Suvarna | Updated: 9 May 2024 13:08 IST

Bitget, Alchemy Pay Partner to Allow Crypto Purchasing via Indian Rupee and UPI

Photo Credit: Pexels/ Rodnae Productions 4n6733

In 2023, Bitget decided to infuse $10 million in India’s crypto space

Highlights

Bitget is headquartered in Seychelles
Bitget reportedly has over 25 million s internationally
Indians will be able to buy BTC, ETH, and Tron on Bitget through INR

ment

Bitget, which is a Seychelles-based crypto exchange, has decided to let Indian s purchase cryptocurrencies using fiat Rupee. The exchange has entered into a partnership with Web3 payments solutions platform Alchemy Pay to facilitate crypto purchases through the Rupee currency. The aim of this collaboration is to make crypto buying on international exchanges more accessible in India while also diversifying the number of platforms to do so for the nationals.

As per the Unified Payments Interface (UPI).

Alchemy Pay, as part of this partnership, will provide its on-ramp services on Bitget's trading platform. This service lets s utilise fiat services like Visa, Mastercard, Apple Pay, and Google Pay to purchase crypto assets. As part of its services, Alchemy also lets crypto holders sell their crypto holdings and wire back the funds to their back s in the form of fiat currencies.

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This makes for an interesting development because the last time an exchange offered to let Indians purchase crypto assets through UPI, it did not go down well with the Indian authorities.

In April 2022, Coinbase CEO Brian Armstrong had retract its announcement and disable the UPI-based asset purchasing feature.

As of now, the NPCI has not reacted to Bitget's feature allowing crypto purchases for Indians through UPI.

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Meanwhile, this is not the first time that Bitget has shown its interest in India. In November 2023, Bitget decided to initiated a self-funded pool of $100 million (roughly Rs. 819 crore) to help promising Web3 projects emerging from Asia.

As per a 2023 Chainalysis report India topped the index of 154 countries, that shows most promise in crypto adoption. Nigeria, Vietnam, US, and Ukraine followed India on the index to secure the second, third, and fourth rankings, respectively.

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Further reading: Crypto

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More