With the increase in global cryptocurrency adoption, attention is turning to India as a significant market. Recently, discussions have intensified around a potential acquisition of CoinDCX by Coinbase.
Acquisition Discussions
Recent media reports suggest that Coinbase may be involved in negotiations to acquire CoinDCX, one of India’s leading cryptocurrency exchanges, at a valuation of under $1 billion. These rumors arose after a recent hack of CoinDCX, in which $44 million was reportedly stolen, potentially impacting the exchange’s reputation and valuation.
CoinDCX's Response
Despite the heightened interest in a potential deal, CoinDCX's CEO, Sumit Gupta, publicly dismissed the rumors. In a post on X (formerly Twitter), he stated, "CoinDCX is not up for sale!" This statement confirms that CoinDCX intends to remain independent.
Coinbase's Position and Future
Coinbase has not confirmed or denied the acquisition claim. In its standard approach to speculation, the company stated that it does not comment on market rumors. However, Coinbase's recent actions in India, including registration with the Financial Intelligence Unit, indicate serious intentions to expand its presence in the region.
As of now, there is no official confirmation from either Coinbase or CoinDCX regarding an ongoing acquisition. Based on CoinDCX's CEO's clear denial and the lack of formal confirmation from Coinbase, the claim is deemed untrue at this time.
