Tuesday, March 21, 2023
  • Login
EthozEdge
No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
Cryptocurrency Marketcap
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
No Result
View All Result
EthozEdge
No Result
View All Result
Home Crypto News Crypto Regulation News

Coinbase CEO says pressure from RBI pushed it to shelve UPI payments in India

by ethozedge
May 12, 2022
in Crypto Regulation News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter


  • Coinbase CEO Brian Armstrong says the exchange faced informal pressure from the RBI to retract its UPI option in India
  • Armstrong holds an even more bullish stance, notwithstanding Coinbase’s reported $430M net loss in Q1 

Last month, Coinbase launched UPI payments for Indian crypto users, but before the product could even take off, it was withdrawn as an option, with the crypto exchange offering users no explanation for the rollback. UPI is a widely-used payments infrastructure built by an internetwork of banks.

The decision to withdraw the offering had been preceded by a caution by the National Payments Corporation of India (NPCI), which manages the UPI. The organisation denied being aware of “any crypto exchange” using UPI payments. 

Informal pressure from the RBI

Addressing the UPI drama, Coinbase CEO Brian Armstrong offered an explanation in an earnings call on Tuesday, saying that the exchange saw “informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there.“

Armstrong divulged that while cryptocurrencies are not illegal in India, there is resistance from the country’s central bank. This applied soft pressure has made it difficult to set up payments via UPI.

He added that the crypto exchange has agreed to work with the RBI to find a solution that would allow it to establish additional payment options.

A $430M loss, but Armstrong is still bullish

Still, on Tuesday, Coinbase released its quarterly report, in which it revealed a Q1 net loss of $430 million, falling to $1.17 billion in revenue. This represented a plunge of about 27% from Q1 2021 numbers. The Q1 revenue was also less than half the $2.5 billion in revenue logged in Q4 last year.

In addition, the number of monthly active users reached 11.4 million, dropping 19% from the previous quarter’s numbers. This adds to the current bearish environment, but the Coinbase CEO insists he remains unfazed. 

Justifying his belief during the earnings call, Armstrong told investors that typically, bear periods are often very productive for Coinbase hence why he’s never been more bullish on the firm.

“There are so many customers beating a path to our door that we have to have all hands on deck just to keep everything running, so the down periods are often sometimes kind of a welcome change from that in the sense that we get to focus on building the next layer of innovation that will benefit us in the next cycle.”

The Coinbase executive also pointed to a prospectus shared by the exchange last year, insisting on the firm’s ambition to continue with crypto adoption even with market volatility.





Source link

Tags: bitcoin newsCEOCoinbasecrypto analysiscrypto newsEthoz EdgeIndiaLatest bitcoin newslatest crypto newsPaymentsPressurepushedRBIshelveUPI
Share76Tweet47

Related Posts

The US Government wants the Voyager-Binance deal to be halted

by ethozedge
March 15, 2023
0

Key takeaways; The US Government wants to halt the $1 billion deal between Binance.US and Voyager Digital. The government said...

Tether refutes “stale allegations” from Wall Street Journal

by ethozedge
March 6, 2023
0

Tether calls Wall Street Journal’s claims “stale allegations from long ago.” The USDT issuer noted in a recent blog post...

Crypto needs regulatory clarity: Blockchain Association CEO

by ethozedge
February 22, 2023
0

Kristin Smith, CEO of crypto industry group Blockchain Association is optimistic of crypto regulation this year. She notes that crypto...

US SEC fines former NBA Star Paul Pierce $1.4M for crypto

by ethozedge
February 18, 2023
0

The US SEC crypto crackdown does not seem to be fizzling out any time soon. Former NBA star Paul Pierce...

Sen. Warren to reintroduce AML bill extending to DeFi and DAOs

by ethozedge
February 15, 2023
0

Senator Elizabeth Warren first introduced the AML Act of 2022 on December 15, 2022. The first bill was read twice...

Load More
  • Trending
  • Comments
  • Latest

🔴 Bank of America Bets on Crypto

April 11, 2022

Pomelo Launches Family Credit Cards to Combine Credit and International Money Transfer

August 16, 2022

How to Add Polygon (MATIC) to Your MetaMask Wallet

May 28, 2022

The Sandbox Price Prediction 2022-2030: HODL or DUMP?

May 25, 2022

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

0

At least 54 apes were stolen in BAYC Instagram hack

0

Binance Introduces New Crypto Card for Ukrainian Refugees

0

55,000 Meta Cricket League NFTs sell out in nine minutes

0

Crypto Fear And Greed Index Surges To 16-Month High As Bitcoin Breaches $28,000

March 21, 2023

Shiba Inu Whale Moves 24 Trillion SHIB From Crypto Exchange To Cold Storage

March 21, 2023

FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money – Bitcoin News

March 21, 2023

Euler hacker offers to negotiate return of funds

March 20, 2023
Facebook Twitter LinkedIn Tumblr RSS
EthozEdge

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at EthozEdge

CATEGORIES

  • Altcoin News
  • Avalanche Network
  • Binance Smart Chain
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Regulation News
  • DeFi
  • Ethereum
  • EVM News
  • Fantom Opera Chain
  • Harmony Chain
  • Huobi Eco Chain
  • Metaverse
  • NFT
  • Polygon Chain
  • Scam News
  • Web 3.0
  • XDai Chain

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$27,843.00-1.76%
  • ethereumEthereum(ETH)$1,749.14-2.47%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.010.40%
  • binancecoinBNB(BNB)$333.25-1.46%
  • usd-coinUSD Coin(USDC)$1.010.48%
  • rippleXRP(XRP)$0.3890561.00%
  • cardanoCardano(ADA)$0.336909-2.53%
  • staked-etherLido Staked Ether(STETH)$1,744.79-2.62%
  • matic-networkPolygon(MATIC)$1.10-5.30%
  • dogecoinDogecoin(DOGE)$0.071589-4.27%
  • solanaSolana(SOL)$21.85-6.14%
  • binance-usdBinance USD(BUSD)$1.010.63%
  • polkadotPolkadot(DOT)$6.09-5.67%
  • shiba-inuShiba Inu(SHIB)$0.000010-3.72%
  • tronTRON(TRX)$0.066090-1.00%
  • litecoinLitecoin(LTC)$78.72-5.28%
  • avalanche-2Avalanche(AVAX)$16.66-5.19%
  • daiDai(DAI)$1.00-0.13%
  • uniswapUniswap(UNI)$6.17-4.54%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,774.00-2.02%
  • ToncoinToncoin(TON)$2.390.01%
  • chainlinkChainlink(LINK)$6.95-3.03%
  • cosmosCosmos Hub(ATOM)$11.48-5.52%
  • leo-tokenLEO Token(LEO)$3.380.63%
  • moneroMonero(XMR)$154.13-0.26%
  • ethereum-classicEthereum Classic(ETC)$19.70-6.18%
  • okbOKB(OKB)$45.46-5.23%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$127.39-5.89%
  • filecoinFilecoin(FIL)$5.73-7.40%
  • stellarStellar(XLM)$0.086823-1.34%
  • AptosAptos(APT)$11.95-7.02%
  • true-usdTrueUSD(TUSD)$1.010.14%
  • lido-daoLido DAO(LDO)$2.28-6.95%
  • quant-networkQuant(QNT)$125.67-5.29%
  • hedera-hashgraphHedera(HBAR)$0.060473-5.24%
  • crypto-com-chainCronos(CRO)$0.069531-7.37%
  • nearNEAR Protocol(NEAR)$1.96-6.87%
  • vechainVeChain(VET)$0.022459-7.86%
  • blockstackStacks(STX)$1.18-8.70%
  • internet-computerInternet Computer(ICP)$5.08-5.11%
  • algorandAlgorand(ALGO)$0.208255-5.17%
  • apecoinApeCoin(APE)$4.01-5.13%
  • the-graphThe Graph(GRT)$0.146825-6.33%
  • eosEOS(EOS)$1.15-3.85%
  • fantomFantom(FTM)$0.451569-11.28%
  • the-sandboxThe Sandbox(SAND)$0.64-7.55%
  • immutable-xImmutableX(IMX)$1.27-12.40%
  • aaveAave(AAVE)$75.64-4.43%
  • elrond-erd-2MultiversX(EGLD)$42.90-3.29%
  • decentralandDecentraland(MANA)$0.59-7.17%
  • flowFlow(FLOW)$1.04-4.61%
  • tezosTezos(XTZ)$1.15-7.24%
  • fraxFrax(FRAX)$1.000.36%
  • theta-tokenTheta Network(THETA)$1.00-6.03%
  • axie-infinityAxie Infinity(AXS)$8.41-7.98%
  • havvenSynthetix Network(SNX)$2.88-1.92%
  • kucoin-sharesKuCoin(KCS)$9.30-1.11%
  • neoNEO(NEO)$12.07-7.32%
  • conflux-tokenConflux(CFX)$0.397908-12.87%
  • rocket-poolRocket Pool(RPL)$40.26-6.04%
  • optimismOptimism(OP)$2.45-8.16%
  • BitDAOBitDAO(BIT)$0.53-2.72%
  • paxos-standardPax Dollar(USDP)$1.010.80%
  • gatechain-tokenGate(GT)$5.34-2.34%
  • terra-lunaTerra Luna Classic(LUNC)$0.000125-5.14%
  • curve-dao-tokenCurve DAO(CRV)$0.95-5.08%
  • usddUSDD(USDD)$1.000.29%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.82-1.37%
  • klay-tokenKlaytn(KLAY)$0.226219-3.83%
  • bitcoin-cash-svBitcoin SV(BSV)$35.64-3.71%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.76-5.42%
  • mina-protocolMina Protocol(MINA)$0.78-8.80%
  • huobi-tokenHuobi(HT)$4.062.50%
  • gmxGMX(GMX)$76.66-6.65%
  • sapphireSapphire(SAPP)$0.7035.32%
  • chilizChiliz(CHZ)$0.117556-3.42%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • dashDash(DASH)$54.88-3.43%
  • ecasheCash(XEC)$0.000031-4.90%
  • makerMaker(MKR)$663.43-4.73%
  • xdce-crowd-saleXDC Network(XDC)$0.04279221.62%
  • frax-shareFrax Share(FXS)$7.84-6.58%
  • iotaIOTA(MIOTA)$0.210103-5.09%
  • bittorrentBitTorrent(BTT)$0.000001-8.27%
  • singularitynetSingularityNET(AGIX)$0.460763-8.74%
  • Bitget TokenBitget Token(BGB)$0.379776-0.52%
  • EdgecoinEdgecoin(EDGT)$1.010.02%
  • compound-ethercETH(CETH)$35.02-3.13%
  • Tokenize XchangeTokenize Xchange(TKX)$6.29-1.43%
  • pax-goldPAX Gold(PAXG)$1,977.66-1.75%
  • trust-wallet-tokenTrust Wallet(TWT)$1.19-4.79%
  • tether-goldTether Gold(XAUT)$1,976.69-1.46%
  • render-tokenRender(RNDR)$1.30-9.81%
  • binaryxBinaryX(BNX)$165.94-5.94%
  • Halo CoinHalo Coin(HALO)$0.057352-0.04%
  • osmosisOsmosis(OSMO)$0.81-4.00%
  • zilliqaZilliqa(ZIL)$0.027217-6.57%
  • compound-usd-coincUSDC(CUSDC)$0.0228910.18%
  • arweaveArweave(AR)$8.50-5.66%
  • 1inch1inch(1INCH)$0.51-6.72%
  • radixRadix(XRD)$0.041951-3.08%
  • loopringLoopring(LRC)$0.338271-8.11%
  • thorchainTHORChain(RUNE)$1.40-4.51%
  • oec-tokenOKC Token(OKT)$23.21-5.33%
  • kavaKava(KAVA)$0.91-6.04%
  • mask-networkMask Network(MASK)$5.37-11.44%
  • convex-financeConvex Finance(CVX)$5.36-5.69%
  • fetch-aiFetch.ai(FET)$0.387813-7.27%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,869.21-2.54%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.24%
  • DeFiChainDeFiChain(DFI)$0.58-2.73%
  • enjincoinEnjin Coin(ENJ)$0.389999-8.47%
  • casper-networkCasper Network(CSPR)$0.035654-4.16%
  • nexoNEXO(NEXO)$0.695.80%
  • btse-tokenBTSE Token(BTSE)$2.37-0.76%
  • MagicMagic(MAGIC)$1.79-1.04%
  • FLOKIFLOKI(FLOKI)$0.000039-2.91%
  • dydxdYdX(DYDX)$2.47-8.51%
  • FlareFlare(FLR)$0.0315463.03%
  • zcashZcash(ZEC)$33.89-7.38%
  • cdaicDAI(CDAI)$0.0222390.00%
  • WEMIXWEMIX(WEMIX)$1.49-1.74%
  • DogechainDogechain(DC)$0.001787-24.98%
  • EthereumPoWEthereumPoW(ETHW)$3.31-3.70%
  • baby-doge-coinBaby Doge Coin(BABYDOGE)$0.000000-2.26%
  • basic-attention-tokenBasic Attention(BAT)$0.236334-7.28%
  • ethereum-name-serviceEthereum Name Service(ENS)$13.53-5.58%
  • nemNEM(XEM)$0.037814-7.98%
  • Nexus MutualNexus Mutual(NXM)$50.10-2.86%
  • woo-networkWOO Network(WOO)$0.196309-8.73%
  • terra-luna-2Terra(LUNA)$1.38-5.01%
  • qtumQtum(QTUM)$3.13-8.81%
  • nucypherNuCypher(NU)$0.24644837.54%
  • theta-fuelTheta Fuel(TFUEL)$0.052644-7.20%
  • holotokenHolo(HOT)$0.001775-6.22%
  • injective-protocolInjective(INJ)$3.93-6.79%
  • Gains FarmGains Farm(GFARM2)$8,753.83-3.30%
  • galaGALA(GALA)$0.041224-11.82%
  • ravencoinRavencoin(RVN)$0.025687-7.92%
  • kusamaKusama(KSM)$33.67-7.48%
  • Aleph ZeroAleph Zero(AZERO)$1.37-3.93%
  • celoCelo(CELO)$0.61-8.15%
  • compound-governance-tokenCompound(COMP)$43.27-5.84%
  • KaspaKaspa(KAS)$0.0167631.87%
  • oasis-networkOasis Network(ROSE)$0.057635-7.95%
  • decredDecred(DCR)$19.60-4.85%
  • BeldexBeldex(BDX)$0.054759-0.21%
  • olympusOlympus(OHM)$10.23-1.28%
  • gnosisGnosis(GNO)$109.30-2.28%
  • AstarAstar(ASTR)$0.065007-6.81%
  • Access ProtocolAccess Protocol(ACS)$0.009440-7.48%
  • bitcoin-goldBitcoin Gold(BTG)$16.00-6.77%
  • audiusAudius(AUDIO)$0.280549-7.38%
  • safemoonSafeMoon [OLD](SAFEMOON)$0.000000-1.77%
  • linkLINK(LN)$41.12-0.76%
  • yearn-financeyearn.finance(YFI)$8,450.36-3.96%
  • Bone ShibaSwapBone ShibaSwap(BONE)$1.20-1.10%
  • ankrAnkr Network(ANKR)$0.033108-7.56%
  • liquity-usdLiquity USD(LUSD)$1.020.59%
  • omisegoOMG Network(OMG)$1.89-11.75%
  • balancerBalancer(BAL)$6.52-3.21%
  • chiaChia(XCH)$37.52-2.90%
  • IdeaChainIdeaChain(ICH)$4.730.00%
  • ftx-tokenFTX(FTT)$1.89-21.52%
  • huobi-btcHuobi BTC(HBTC)$28,168.00-1.36%
  • stepnSTEPN(GMT)$0.395768-9.61%
  • Crypto Gladiator LeagueCrypto Gladiator League(CGL)$0.16194440.57%
  • SSV NetworkSSV Network(SSV)$35.25-7.26%
  • AstraferAstrafer(ASTRAFER)$1.59-4.65%
  • harmonyHarmony(ONE)$0.020131-8.10%
  • convex-crvConvex CRV(CVXCRV)$0.85-4.49%
  • Gains NetworkGains Network(GNS)$7.98-6.65%
  • golemGolem(GLM)$0.241345-5.98%
  • justJUST(JST)$0.026432-4.60%
  • Manchester City Fan TokenManchester City Fan Token(CITY)$11.87-1.78%
  • moonbeamMoonbeam(GLMR)$0.385826-6.88%
  • iotexIoTeX(IOTX)$0.024392-6.64%
  • world-mobile-tokenWorld Mobile Token(WMT)$0.2920233.33%
  • ecomiECOMI(OMI)$0.000852-2.10%
  • DAO MakerDAO Maker(DAO)$1.54-10.84%
  • BlurBlur(BLUR)$0.55-2.70%
  • escoin-tokenEscoin(ELG)$2.84-0.16%
  • kadenaKadena(KDA)$1.01-4.47%
  • Meerkat SharesMeerkat Shares(MSHARE)$11,715.17-5.03%
  • jasmycoinJasmyCoin(JASMY)$0.004676-5.92%
  • tether-eurtEuro Tether(EURT)$1.081.04%
  • sushiSushi(SUSHI)$1.15-6.37%
  • wavesWaves(WAVES)$2.23-3.61%
  • amp-tokenAmp(AMP)$0.003940-4.48%
  • Staked LunaStaked Luna(STLUNA)$88.35-0.49%
  • LiquityLiquity(LQTY)$2.382.03%
  • terrausdTerraClassicUSD(USTC)$0.022097-3.12%
  • Frax EtherFrax Ether(FRXETH)$1,747.18-2.67%
  • band-protocolBand Protocol(BAND)$1.69-6.74%
  • bloxBlox(CDT)$0.31074313.69%
  • Ankr Staked ETHAnkr Staked ETH(ANKRETH)$1,925.73-2.13%
  • siacoinSiacoin(SC)$0.003966-6.88%