Bitget, partners with Alchemy Pay to enable the purchase of cryptocurrencies via Indian Rupee and UPI

Bitget, a Seychelles-based cryptocurrency exchange, has decided to allow Indian users to purchase cryptocurrencies using fiat rupee. The exchange has partnered with Web3 payment solutions platform Alchemy Pay to facilitate cryptocurrency purchases through the Rupee currency. The aim of this collaboration is to make buying cryptocurrencies on international exchanges more accessible in India, while diversifying the number of platforms to do so domestically.

According to announcement Published on Bitget’s site, its collaboration with Alchemy Pay will open cryptocurrency purchases via IMPS bank transfers and via Unified Payments Interface (UPI).

Alchemy Pay, as part of this partnership, will provide its on-ramp services on the Bitget trading platform. This service allows users to use fiat services such as Visa, Mastercard, Apple Pay and GooglePay to buy crypto assets. As part of its services, Alchemy also allows cryptocurrency holders to sell their cryptocurrency holdings and transfer the funds back to their accounts in the form of fiat currencies.

This is an interesting development because the last time an exchange offered to allow Indians to purchase crypto assets via UPI, it was not welcomed by Indian authorities.

In April 2022, Coinbase CEO Brian Armstrong had announced this feature for Indian users visiting the exchange. NPCI’s reaction to the development, however, has dampened the company’s spirits. At the time, the National Payments Corporations of India (NPCI) said it had not authorized Coinbase to use the UPI system to enable cryptocurrency purchases. The exchange had to retract its announcement and disable the UPI based asset purchasing feature.

As of now, the NPCI has not reacted to Bitget’s feature enabling cryptocurrency purchases for Indians via UPI.

Meanwhile, this is not the first time Bitget has shown its interest in India. In November 2023 Bitget decided to do this infuse $10 million (approximately Rs. 83 crore) over a period of five years in India, with the aim of promoting companies operating in the cryptocurrency sector. In April last year, Bitget started a self-funded pool of $100 million (around Rs 819 million) to help promising Web3 projects emerging from Asia.

According to 2023 Chain analysis report India tops the index of 154 countries, showing the most promise in cryptocurrency adoption. Nigeria, Vietnam, the United States and Ukraine followed India in the index, securing second, third and fourth place respectively.

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