US crypto base Coinbase invests in CoinDCX at $2.45 billion valuation

CoinDCX plans to expand in India and the Middle East using the fresh capital from Coinbase, which marks renewed global interest in Indian crypto startups.

Crypto exchange platform CoinDCX will expand its presence in India and the Middle East after raising fresh capital from US-based crypto major Coinbase at a post-money valuation of $2.45 billion, its co-founder Neeraj Khandelwal said.

 

The funding, an extension of CoinDCX’s previous round, was completed at an undisclosed amount.

 

“After signing an agreement with @coinbase for a fresh funding for @CoinDCX, the team’s focus is now on how to make crypto more mainstream in India and the Middle East, and how to make blockchain technology central to the financial system of the future,” Khandelwal said in a post on X (formerly Twitter).

 

The completion of the transaction is subject to regulatory approvals.

 

CoinDCX said the fresh capital will be used to drive product innovation, user growth, and expansion into new geographies, along with strengthening its educational initiatives.

 

“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, Coinbase.

 

In an earlier interaction with Business Standard, CoinDCX’s co-founder Sumit Gupta had clarified that the company was not in discussions to sell and dismissed reports suggesting Coinbase was looking to acquire CoinDCX at a valuation below $1 billion.

 

CoinDCX currently has a user base of over 20 million and offers more than 500 crypto assets and over 200 trading pairs on its platform.