US-based Coinbase doubles down on CoinDCX with new investment
The US-based crypto platform had first invested in the Indian crypto exchange as part of its Series A fundraise in 2020.
Global crypto platform Coinbase on Wednesday said it is infusing fresh capital into Indian crypto-exchange CoinDCX, at a post-money valuation of $2.45 billion.
According to CoinDCX, the newly raised funds, which are an extension of its last fundraise, will be used to enhance its product offerings, introduce new on-chain use cases for India, and expand into new markets. Currently, the firm operates in the Middle East and North Africa (MENA) region through its acquisition of BitOasis in 2024.
The firm last raised $135 million in a Series D round in 2022, data from Tracxn shows. Other investors on CoinDCX’s cap table include Polychain, Bain Capital, Pantera, Jump Capital and Steadview.
“India and the Middle East are among the most dynamic regions for crypto adoption and innovation. We’re excited to support CoinDCX’s continued growth and look forward to expanding our partnership in the months ahead,” said Shan Aggarwal, Chief Business Officer at Coinbase.
Founded in 2018, CoinDCX currently has over 20 million Indian investors on its platform and offers over 500 crypto assets and over 200 crypto pairs. It was also the first exchange to be FIU-registered in India.
"Coinbase has been an investor in CoinDCX since 2020. Its decision to infuse more capital is a strong
validation of CoinDCX’s long-term vision and responsible growth strategy. Coinbase is globally recognised
for building compliant-first crypto businesses. We see strong synergies with Coinbase in building a
compliant and regulatory-friendly crypto ecosystem in India, MENA and beyond, " said Sumit Gupta, Co-founder, CoinDCX.
The news comes as a shot in the arm for the firm after it was hit by a $44.2 million security breach in July this year. However, the firm bore the full loss from its own treasury and said that no customer funds were impacted during the breach.
CoinDCX has also seen a series of high-level executives stepping away from the firm this year, including its Chief Technology Officer, Vivek Gupta, and Head of Legal.
Edited by Affirunisa Kankudti