American cryptocurrency exchange Coinbase has agreed to invest an undisclosed sum in Mumbai-headquartered CoinDCX at a valuation of $2.45 billion, as part of its expansion into India and West Asia.
Mint was the first to report, in July, that Coinbase was considering investing in CoinDCX, one of India’s largest crypto exchanges that was valued at about $2.2 billion three years ago.
In a post on LinkedIn, CoinDCX founder Sumit Gupta said the deal was subject to regulatory approvals. The companies did not disclose details on the investment size or the deal timeline.
CoinDCX had in July reported a crypto theft of $44 million after hackers targeted an internal account used to provide liquidity to customers. No customer funds were lost.
How much is the investment?
“This investment underscores the potential we see in these regions. With over 1.4 billion people, growing tech adoption, and over 100 million crypto owners, India and the Middle East are set to play a big role in the future of crypto – and CoinDCX is a high-growth, financially sound business built for scale at the center of the region’s massive growth opportunity,” Coinbase said in a statement.
Coinbase expanding presence in India, Middle-East
Coinbase added that it is “making an investment in CoinDCX, a leading crypto exchange in India and the Middle East, building on our prior investments in CoinDCX via Coinbase Ventures”.
“This investment adds to our growing presence in the region, where we also maintain local operations and other important local partners. Taken together, these steps reflect a clear commitment: we believe India and its neighbours will help shape the future of the global on-chain economy,” the US crypto exchange added.
Gupta in his post said that for CoinDCX, the deal was not only about capital but “about conviction in our long-term vision, our regulatory-first approach, and India and UAE’s growing role in the global crypto movement”.
He added that the company is committed to:
