Coinbase amplifies its presence in India and the Middle East with a $2.45 billion investment in CoinDCX, a leading crypto exchange with over 20 million users, signaling a strategic push into these fast-growing markets.
Coinbase announced a significant new investment in Indian cryptocurrency exchange CoinDCX aimed at expanding its footprint in India and the Middle East, regions it says will be central to crypto's future growth.
The move builds on Coinbase’s prior engagement with CoinDCX since 2020 through its venture capital arm.
This latest stake reflects a post-investment valuation of $2.45 billion for CoinDCX, highlighting the scale of the exchange’s rise.
Shan Aggarwal, Coinbase's chief business officer, described India and the Middle East as critical hubs shaping the global crypto economy.
He emphasized that CoinDCX is well-positioned as a financially robust and scalable player within these expanding markets.
The deal awaits regulatory approval before completion, with both parties remaining tight-lipped on financial specifics beyond the valuation.
CoinDCX's Rapid Growth and Resilience
Founded in 2018, CoinDCX has rapidly grown to serve more than 20.4 million users while managing annualized transaction volumes of approximately $165 billion.
The exchange holds over $1.2 billion in assets under custody and generates annual revenue nearing $141 million.
This robust performance underscores the firm’s significant role in India’s burgeoning crypto ecosystem and beyond.
Despite a high-profile $44 million malware attack in July—where a hacker impersonated a recruiter to compromise a staff member’s laptop—CoinDCX has continued to expand.
This security incident came a year after WazirX’s $230 million hack, highlighting ongoing cybersecurity challenges within the region's crypto exchanges.
CoinDCX’s CEO, Sumit Gupta, said Coinbase’s latest investment validates their long-term vision and strategy focused on compliance and responsible growth.
He also highlighted collaborative synergies aimed at building a secure and regulation-friendly crypto environment across India, the Middle East, and North Africa (MENA).
Strategic Regional Corridor
Coinbase’s investment is designed to create a "regional corridor" linking India’s vast crypto user base with Middle Eastern capital.
This corridor aligns with Coinbase’s ambition of widening access to crypto assets in emerging markets, leveraging CoinDCX's established regional presence and expanding product suite.
The acquisition highlights Coinbase’s intensified efforts to catch up in India after a sluggish initial launch and regulatory hurdles, aiming to capitalize on the world’s fastest growing crypto market.
India alone has nearly 119 million crypto users, according to recent statistics, making it a critical hub for future digital asset adoption.
CoinDCX expanded into the MENA region following its acquisition of BitOasis last year and intends to use the fresh funding to introduce new on-chain use cases and accelerate international growth.
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Coinbase Invests $2.45B in CoinDCX, Boosts India Crypto
Coinbase invests in CoinDCX, valuing the Indian crypto exchange at $2.45 billion to expand into India and the Middle East's booming crypto markets.