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Crypto News Today: Coinbase to Increase Its Investment in Indian Exchange CoinDCX
Coinbase’s new investment raises CoinDCX’s valuation to $2.45 billion, leveraging its 20.4 million users to boost growth and expand into new markets, company officials said.
- On Wednesday, Coinbase invested new capital in CoinDCX, confirming fresh funding that raised the Indian crypto exchange’s valuation from $2.15 billion in April 2022.
- Coinbase re-entered the Indian market earlier this year by registering with the Financial Intelligence Unit , as the country remains strategic with over a billion internet subscribers and CoinDCX's 20.4 million users.
- The exchange faced a July security breach that stole around $44 million, while CoinDCX reported customer assets exceeding 100 billion and transaction volumes of 13.7 trillion.
- Coinbase said the deal adds to its growing regional presence, while India’s regulatory environment includes a 1% levy per transaction and recent scrutiny of 25 platforms by New Delhi.
- Reports earlier this year suggested an acquisition, which CoinDCX’s CEO denied, and Sumit Gupta said the companies see strong synergies to build a compliant ecosystem in India and MENA.
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Crypto News Today: Coinbase to Increase Its Investment in Indian Exchange CoinDCX
Coinbase has agreed to invest in CoinDCX, one of India’s largest crypto exchanges, in a transaction that remains subject to regulatory approvals and other customary closing conditions, according to statements published Wednesday by Coinbase Chief Business Officer Shan Aggarwal and CoinDCX co-founder and CEO Sumit Gupta. Aggarwal framed the move ...
·Manila, Philippines
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Coverage Details
Total News Sources30
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
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