Coinbase Backs India’s CoinDCX in Fresh Deal Valuing Exchange at $2.45B
US exchange invests in CoinDCX
Coinbase Ventures, the investment arm of US-based crypto giant Coinbase, has made a fresh investment in Indian cryptocurrency platform CoinDCX, valuing the exchange at $2.45 billion. The amount invested remains undisclosed, but CoinDCX co-founder and CEO Sumit Gupta confirmed the valuation in a post on X.
CoinDCX currently serves over 20 million users across India and the United Arab Emirates, following its late 2024 acquisition of regional exchange BitOasis. The platform has emerged as one of Asia’s leading digital asset hubs, reporting $141 million in annual revenue and $165 billion in yearly trading volume. Assets under custody reportedly total $1.2 billion.
Coinbase highlighted India and the Middle East as “key markets for the future of crypto,” noting that India alone is home to about 115 million crypto users. The move signals Coinbase’s growing confidence in the region despite ongoing regulatory challenges. Earlier this year, hackers stole $44 million from CoinDCX, but the exchange has since strengthened its infrastructure and continued to attract global investors.
The investment comes amid mixed signals from Indian authorities. Commerce Minister Piyush Goyal recently criticized cryptocurrencies, claiming they lack “any back-end guaranteeing value,” while the government pushes ahead with central bank–backed digital currency projects.
Coinbase executives have continued to engage Indian officials. In August, Paul Grewal, Coinbase’s chief legal officer, met with Karnataka’s IT minister to discuss potential collaborations supporting the state’s technology ecosystem.
This latest deal adds to Coinbase Ventures’ growing global footprint. The firm recently joined an $8.1 million round for Brazilian fintech Crown, participated in Stablecore’s $20 million seed raise, and led multi-million dollar rounds for RedotPay and Bastion—both focusing on stablecoin infrastructure and payments innovation.
Coinbase’s steady expansion underscores its strategy to diversify into high-growth markets, even as global regulators tighten their grip on the crypto industry.
