American cryptocurrency exchange Coinbase announced an investment in Indian cryptocurrency giant CoinDCX through a press release on October 15. CoinDCX is also a cryptocurrency exchange and is India’s first unicorn startup in the blockchain space. The investment is intended to strengthen Coinbase’s presence in India and the Middle East.
The company did not specify the exact details of the investment; however, CoinDCX CEO Sumit Gupta posted that the deal would place his company’s valuation at $2.45 billion.
“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,” said Shan Aggarwal, Coinbase’s chief business officer, in the press release.
This would be Coinbase’s third investment in CoinDCX after an initial $2.5 million investment from Polychain Capital and Coinbase Ventures in 2020, followed by a Series D round in 2022 with a $2.3 million investment.
Background on CoinDCX:
In July this year, CoinDCX had announced a loss of around Rs 368 Crore from a “sophisticated security breach” that compromised and entirely drained an internal operational account used for liquidity provisioning. The company absorbed the loss through its own reserves.
The hackers had allegedly posed as recruiters offering a part-time job and lured a CoinDCX software engineer into installing malware on his company laptop. Authorities soon arrested the engineer and confiscated the laptop.
The company’s annualised group revenue stood at Rs.1,179 crore as of July 2025, with annualised transaction volumes across products being Rs. 13.7 lakh crore. It had over Rs. 10,000 crore in assets under custody.
Foreign Crypto Firms Returning To India:
Coinbase returned to India earlier this month, following an initial attempt in 2022 that ended unceremoniously. The company had attempted to integrate the Unified Payments Interface (UPI) into its system, but the National Payments Corporation of India (NPCI), the governing body for the UPI system, refused to recognise Coinbase’s launch. The crypto firm had to suspend UPI integration only days after launch.
The company eventually blocked new signups from Indian users in 2023, after failures to gain support from regulators. India’s Financial Intelligence Unit (FIU) also blocked nine foreign cryptocurrency platforms the next year, including prominent names like Binance and Kraken.
Advertisements
However, regulators seemed to be softening their stance on Virtual Digital…
Source link
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We blogs.grocliq.com want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Website Upgradation is going on for any glitch kindly connect at [email protected]
