Coinbase Backs India’s CoinDCX With $2.45B Valuation

Coinbase Ventures, the funding arm of US-based crypto alternate Coinbase, has invested an undisclosed quantity in Indian cryptocurrency platform CoinDCX.

In response to a Wednesday Coinbase announcement, the location was made via the alternate’s funding arm, Coinbase Ventures. CoinDCX co-founder and CEO Sumit Gupta wrote in an X post that the funding befell at a post-money valuation of $2.45 billion.

In a separate announcement, CoinDCX claimed to serve greater than 20 million clients in India and the United Arab Emirates, following its late 2024 acquisition of local crypto exchange BitOasis.

Coinbase famous in its announcement that, as of July, CoinDCX’s annual income stood at about $141 million and its yearly transaction quantity throughout merchandise had reached $165 billion. Property held underneath custody by the Indian alternate reportedly stood at $1.2 billion on the time.

Coinbase declined to reply Cointelegraph’s request for remark, and CoinDCX had not responded by the point of publication.

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India and the Center East are key markets

Coinbase claimed that “India and the Center East are set to play an enormous position in the way forward for crypto.” The alternate mentioned that the area is dwelling to 1.4 billion folks, and based on a late August estimate, India alone is home to about 115 million crypto users. The funding follows hackers stealing $44 million from CoinDCX in July.

The feedback additionally got here as Indian authorities confirmed their continued hostility towards the crypto trade. Earlier this month, India’s Commerce Minister Piyush Goyal expressed skepticism about cryptocurrencies like Bitcoin (BTC), with claims that such property have “no back-end guaranteeing any worth.”

The feedback got here as India prepares to launch new digital forex initiatives backed by the central financial institution, the Reserve Financial institution of India. The administration is extra open to blockchain expertise than to cryptocurrencies.

In early August, Paul Grewal, chief authorized officer at Coinbase, met with the IT minister of India’s Karnataka state. The chief publicly thanked the state official and mentioned the corporate would discover the way it “might additional assist Karnataka’s tech management.”

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Coinbase retains investing

That is the most recent in a sequence of latest investments by Coinbase. Additionally this week, the crypto alternate was revealed to have participated in an $8.1 million funding round into Crown, a São Paulo-based fintech trying to launch a Brazilian actual–denominated stablecoin.

Stablecore, a stablecoin infrastructure platform serving credit score unions and regional banks, has additionally lately raised $20 million in a seed spherical with participation from Coinbase Ventures. Coinbase Ventures additionally led the late September $47 million strategic investment spherical in stablecoin funds agency RedotPay.

Additionally in September, Coinbase Ventures led a $14.6 million round for Bastion, a startup offering white-label stablecoin issuance with backing from Sony, Samsung, A16z and others.

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