Global crypto giant Coinbase has made a fresh investment in Indian crypto exchange CoinDCX, expanding its footprint in India and the Middle East.
Announced Wednesday, Coinbase’s new investment is an extension of CoinDCX’s previous fundraise and values CoinDCX at $2.45 billion post-money.
Last year, CoinDCX expanded its services to the Middle East by acquiring BitOasis, a prominent digital asset platform in MENA. Coinbase called India and the Middle East “top regions for crypto growth” due to high adoption, supportive regulation, and economic potential.
“This investment adds to our growing presence in the region and reinforces our belief that India and the Middle East are poised to help shape the future global on-chain economy.”
Strengthening Regional Presence Amid Market Challenges
CoinDCX, founded in 2018, now commands a user base exceeding 20.4 million across India and the UAE. The platform reported assets under custody surpassing $1.2 billion and transaction volumes totalling $ 165 billion.
The funding boost comes months after CoinDCX suffered a $44 million security breach in July. Coinbase has been a longstanding investor in CoinDCX since 2020.
“Their journey – including overcoming challenges earlier this year – has only strengthened our conviction in their team and platform,” Coinbase wrote in a statement.
Investment Boosts Innovation and Compliance in Crypto: CoinDCX Co-Founder
CoinDCX co-founder Sumit Gupta stated that the fresh capital will accelerate CoinDCX’s vision to launch new products across Web3 ecosystem.
Further, the exchange plans to enter new markets and reinforce regulatory compliance and security standards.
Gupta called the investment “more than just capital,” adding that “it’s a deep vote of confidence in our mission, approach and team.”
In an exclusive interview with Cryptonews early this year, Gupta lauded India’s crypto progress, emphasizing that the nation needs “clear and timely regulatory frameworks.”
“These markets are moving quickly to integrate crypto into their financial systems in a way that supports both innovation and consumer protection,” Gupta added.
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