Saturday, May 21, 2022

CoinSwitch Kuber Disables UPI Payment On Its Platform

The Indian crypto exchange, CoinSwitch Kuber, reportedly, is not accepting the UPI payment for buying cryptos.

On April 21, while notifying its users, the exchanges tweeted that for a time being, CoinSwitch Kuber would disable the INR deposits on its platform as its banking partner is facing some unavoidable issues. The company, however, has apologized to its customers for the inconvenience they were facing and reassured them to resolve the issue as soon as possible.

As per the reports, the issue is still not resolved, due to which the company with over 4.5 million users has decided to stop accepting the payment through UPI.

CoinSwitch, in its recent tweet has mentioned, “We regret to inform you that the INR deposits on CoinSwitch Kuber app are still disabled. We are extremely sorry for this experience. As of now we, unfortunately, don’t have an ETA for this. We request your patience & your support as we try to resolve this at the earliest.”

A few days ago, CoinSwitch Kuber organized a Series B funding round in which the company raised a total of $500 million from Tiger Global Management. After receiving such a huge amount of funding, the company has become the largest crypto trading platform in India

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