Coinbase, a leading cryptocurrency exchange, has launched a strategic investment in CoinDCX, an exchange based in Indian and the Middle East regions. Coinbase confirmed the development in a blog post on Wednesday, adding that the partnership will foster the widespread adoption of cryptocurrency in India.Â
CoinDCX’s high-growth and financially stable business infrastructure, combined with India’s vast population and growing crypto ownership, positions India and the Middle East to play significant roles in the future of cryptocurrency. It also mentioned that over the years, CoinDCX has become a market leader by earning trust from users and regulators alike, while expanding its presence across the Middle East.
Currently, CoinDCX’s annualized group revenue stands at 1,179 crore ($141 million USD), with assets under custody surpassing 10,000 crore ($1.2 billion USD), and a user base that has grown to over 20.4 million people.
Furthermore, Coinbase revealed that their investment in CoinDCX strengthens their growing footprint in the region. They also emphasized that this move reflects a clear commitment and the belief that India and its neighboring countries will help shape the future of the global on-chain economy. However, Coinbase also noted that the deal is still awaiting regulatory approvals and other usual closing conditions.
CoinDCX debunks rumors of acquisition by Coinbase
In July, CoinDCX CEO Sumit Gupta dismissed rumors of a potential takeover by Coinbase, clarifying that the exchange was not for sale. These rumors had suggested that Coinbase was interested in acquiring CoinDCX following a $44 million attack on the platform
Additionally, in August, Bengaluru City police also arrested a CoinDCX employee as part of the ongoing investigation into the security breach. As revealed, Rahul Agarwal, a software engineer at CoinDCX, had his login details exploited to steal assets valued at $44 million. The company, through its operator Neblio Technologies, filed a police complaint after completing an internal probe into the matter.
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