Recently, Indian crypto exchange CoinDCX denied reports of negotiations with Coinbase regarding a potential acquisition. CoinDCX's founder and CEO, Sumit Gupta, stated that the company is focused on developing the Indian crypto market.
Denial of Rumors
Sumit Gupta commented on the rumors on his social media: "Just got up and saw this news! Ignore the rumors! CoinDCX is 'super focused' on building for India’s crypto story and not up for sale!"
Coinbase's Strategy in India
The article notes that Coinbase is actively working to strengthen its position in the Indian market by registering with the Financial Intelligence Unit of India in March. Coinbase already owns stakes in two major Indian crypto platforms: CoinDCX and CoinSwitch Kuber. A Coinbase spokesperson emphasized: "Our ambitious mission is to expand economic freedom in the world."
CoinDCX Security Incident
On July 18, CoinDCX experienced a hack in which attackers stole $44.2 million. Sumit Gupta assured users that their funds remain safe. CoinDCX also launched a reward program for white-hat hackers, offering 25% of any recovered cryptocurrency. The company's official statement emphasized its financial stability and commitment to covering losses.
CoinDCX continues its efforts in the development of the Indian crypto market despite misunderstandings and rumors of potential sale. The company confidently addresses security challenges and demonstrates readiness for further growth.
