Coinbase in Advanced Talks to Acquire CoinDCX at Valuation Below $1B: Report
Main Idea
Coinbase is reportedly in advanced talks to acquire Indian crypto exchange CoinDCX at a valuation below $1 billion, though CoinDCX's CEO denies the sale rumors and emphasizes the company's focus on India's crypto market.
Key Points
1. Coinbase is in late-stage talks to acquire CoinDCX at a valuation below $900 million, a significant drop from its peak valuation of $2.2 billion.
2. CoinDCX CEO Sumit Gupta denied the acquisition rumors, stating the company is focused on building India's crypto ecosystem and not for sale.
3. Coinbase previously launched in India in 2022 but halted services due to regulatory pressure; it is now re-engaging with regulators.
4. CoinDCX recently suffered a $44 million security breach and announced a recovery bounty program offering up to $11 million for returned funds.
5. Coinbase is reportedly considering combining its stakes in CoinDCX and CoinSwitch, though no active conversations are confirmed at this time.
Description
Coinbase is reportedly in late-stage talks to acquire Indian crypto exchange CoinDCX, weeks after the $44 million crypto heist . According to Indian media outlet Livemint , the deal would appraise CoinDCX at below $900 million, a steep decline from its peak valuation of $2.2 billion in 2021. Per two sources familiar with the development, Coinbase views the acquisition as a long-term strategic investment in the Indian crypto market. Coinbase already holds India’s Financial Intelligence Unit (FIU)...
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