Coinbase Considering Acquiring CoinDCX: Report

Replace (July 29 at 4:21 am UTC): This text has been up to date to mirror a public denial from CoinDCX CEO Samit Gupta over the report.

The CEO of Indian crypto trade CoinDCX has denied that his firm is in talks to be acquired by Coinbase for practically $1 billion.

Indian information outlet Mint on Monday reported that Coinbase was in “superior discussions” to accumulate CoinDCX, citing two unnamed sources accustomed to the matter, however Sumit Gupta denied this in an X put up on Tuesday.

”Ignore the rumours! CoinDCX is ‘tremendous centered’ on constructing for India’s crypto story and never up on the market,” Gupta wrote. ”Will share extra later however simply needed to make clear this upfront!”

Previous to Gupta’s assertion, a Coinbase spokesperson advised Cointelegraph that it wouldn’t touch upon “rumors or hypothesis.” 

“Now we have a daring mission to extend financial freedom on this planet, and are continuously exploring alternatives around the globe to construct, purchase, associate and make investments to speed up our roadmap.”

CoinDCX recovers from $44 million hack

The incident comes round 11 days after CoinDCX suffered a $44.2 million hack on July 18, when attackers breached an operational pockets and drained it inside minutes.

The hackers compromised one among CoinDCX’s inside accounts used for “liquidity provisions” with one other trade by a server breach.

No person funds had been affected by the exploit, according to CoinDCX CEO Sumit Gupta, as CoinDCX’s safety setup ensured that every one customer funds remained unaffected.

Final week, CoinDCX announced a new recovery bounty program that gives white hat hackers as much as 25% of any recovered funds they may also help hint and retrieve.

Associated: Coinbase sues man using a Coinbase-like URL to make money

Coinbase registered with India’s Financial Intelligence Unit in March, probably signaling its intention to broaden its presence on this planet’s most populous nation.

Coinbase has been on an acquisition spree

In the meantime, Coinbase in Could accomplished a $2.9 billion cash-and-stock acquisition of Deribit as a part of a transfer to place it as a pacesetter within the crypto derivatives market.

Earlier this month, Coinbase additionally acquired Liquifi, a token-management platform serving early‑stage onchain builders.

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